Portugal Telecom Says It Hasn't Made Counteroffer On Vivo
29 May 2010 - 6:02AM
Dow Jones News
Portugal Telecom SGPS SA (PT) said late Friday it hasn't
submitted any counter proposal to Spain's Telefonica SA (TEF)
"related to the acquisition of its 50% shareholding in
Brasilcel."
PT and Telefonica jointly own Brasilcel, a holding company that
holds about 60% of Brazilian cell phone operator Vivo Participacoes
SA (VIV).
Telefonica recently has made a EUR5.7 billion bid for PT's stake
in Brasilcel that PT rejected.
Portuguese media earlier Friday had said PT is preparing a
counteroffer for Telefonica's share in Brasilcel.
"No decision on this issue was taken by its board of directors,
although the strategic nature of Vivo has already been recognized
by PT in several occasions," PT said in a filing to the Portuguese
stock market regulator.
-By Bernd Radowitz, Dow Jones Newswires; +34-91-395 8120;
djmadrid@dowjones.com;
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