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LetterOne says cannot proceed with proposed Oi/Tim tie-up

Reuters - UK Focus

(Repeats without changes to text)

MOSCOW, Feb 25 (Reuters) - London-based investment firm LetterOne, controlled by Russian billionaire Mikhail Fridman, said it could not proceed with its plan to facilitate a proposed merger between Brazilian telecoms groups Oi SA (Sao Paolo: R2:OIBR3S.SA - news) and TIM Participações SA.

"L1 Technology has been informed by TIM (LSE: 0LZ3.L - news) that ... it does not wish to enter into further discussions, about the facilitation of a merger between Oi and TIM in Brazil," LetterOne said in a statement on Thursday.

"L1 Technology's approach was to unlock the potential of this envisaged telecoms deal through a structure within which all companies were aligned. However, without TIM's participation, L1 Technology can't now proceed with the proposed deal as previously envisaged," it said. (Reporting by Maria Kiselyova; Editing by Andrew Osborn)