SAO PAULO (Reuters) - Pharol SGPS SA, the largest shareholder in Brazilian phone carrier Oi SA, and a minority investor have agreed on Tuesday to put an end to their disputes over the future of the debt-laden company, which is under bankruptcy protection, according to two people briefed on the matter.
Under terms of the accord, which a senior member of Portugal's Pharol (LS:PHRA) and others from Brazil-based Société Mondiale FIA formalized on Tuesday in Rio de Janeiro, Pharol will endorse the appointment of Société Mondiale-backed Hélio Costa and Demian Fiocca as board members of Oi, said the first person.
The people declined to be identified because of the sensitivity of the matter. Pharol did not have an immediate comment. Société Mondiale declined to comment.