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Huawei denies interest to acquire Brazil's Oi

Huawei Technologies Co. Ltd. denied that it plans to acquire Brazilian operator Oi SA or any other telecom company in the Latin American country, Reuters reported, citing a statement from the Chinese company.

The statement comes after Brazilian newspaper O Globo reported that Huawei may potentially team up with China Mobile Ltd. to bid for Oi. Speculation of the bid came after Brazil's senate approved a bill to update the country's telecommunications framework, a move that will allow Oi to sell up to US$2 billion in noncore assets.

Oi is also reportedly in talks with Spain's Telefónica SA, Italy's Telecom Italia SpA and AT&T Inc. for the sale of its mobile network to avoid insolvency, sources said.