OIBR4 Oi

   By Rogerio Jelmayer 
 

SAO PAULO--Terra Peregrin, an investment vehicle controlled by Africa's richest woman, changed certain conditions of its bid worth EUR1.21 billion ($1.5 billion) to take over Portugal Telecom SGPS (PT), a company that has a 25% stake in Brazilian telecom operator Oi SA (OIBR).

Terra Peregrin made the offer earlier this month but imposed certain conditions that Oi considered unacceptable.

Terra Peregrin said it has now made certain changes to turn its offer more favorable to the recipient.

Ms. Dos Santos's interest in controlling the Lisbon-based company is unclear. But a successful bid might complicate Oi's plans to sell its Portuguese telecommunications assets, since Portugal Telecom SGPS has veto rights on any such sale.

Oi's press officials weren't immediately available for comment.

Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com