Portugal Telecom said on Wednesday it has not made an offer to buy shares in Brazilian telecoms operator Telemar.
"Portugal Telecom informs that it has not presented any proposal to buy shares from any shareholder in Telemar," PT said in a statement.
Portuguese daily Diario Economico reported on Wednesday that PT was considering a bid for Telemar.
PT said, however, that it "frequently considers strategic development options for its activities," adding that because of its large presence in Brazil it consistently considers its position in the Latin American country.
PT and Spain's Telefonica together control Brazil's leading wireless carrier Vivo through a joint venture but Telefonica has said it is interested in buying PT's share in the partnership.
PT Chief Executive Henrique Granadeiro is due to meet with Brazil's communications minister and officials at Brazil's telecommunications regulator Anatel on Wednesday.
Diario Economico said PT planned to launch a friendly bid for 51% of Telemar, one of Brazil's largest telecoms companies, and could spend about 3.5 billion euros ($4.7 billion).
"Portugal Telecom's executive commission proposed to the company's board a bid for Telemar," Diario Economico cited unidentified sources as saying on Tuesday.
According to the daily, Telemar could be Portugal Telecom's alternative to its 50-50 joint venture in Vivo.
Telefonica recently said it wanted to control 100% of Vivo at the right price.
PT traded 0.10 euros lower at 10.16 euros while Telemar voting shares were 1.39% higher at 72.70 reais.