Spain's Telefonica Raises Bid For Vivo Stake To EUR7.15 Billion
30 June 2010 - 8:48AM
Dow Jones News
Spanish telecoms giant Telefonica SA (TEF) has raised its offer
for a stake in Brazil's Vivo Participacioes SA (VIV) to EUR7.15
billion, a company spokesman said late Tuesday.
The sweeter offer comes just a day before shareholders of
Portugal Telecom SGPS S/A (PT) meet in Lisbon to vote on
Telefonica's bid. Telefonica's first bid of EUR5.7 billion was
swiftly rejected by PT's board last month. The Spanish company then
offered EUR6.5 billion for PT's stake.
Both companies view their Brazilian joint-venture, through which
they control Vivo Participacioes SA (VIV), as key to their future
growth prospects.
-By Santiago Perez, Dow Jones Newswires; +34 618 528 681;
santiago.perez@dowjones.com
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