PT To Resume Board Meeting Over Vivo Stake Sale Friday -Source
16 July 2010 - 1:41AM
Dow Jones News
Portugal Telecom SGPS SA's (PT) board decided to extend its
meeting to Friday to decide whether to accept Telefonica SA's (TEF)
offer to buy the Portuguese company's stake in Vivo
Telecomunicacoes SA (VIV), a person close to the situation
said.
"The meeting is over and it will continue tomorrow (Friday),"
the person said.
The board of Portugal Telecom met Thursday to discuss
Telefonica's EUR7.15 billion bid for its stake in Brasilcel, a
50-50 joint venture both companies share that controls 60% of
Brazil's Vivo.
Another person close to the situation said earlier this week
Telefonica and Portugal Telecom have been in talks since last
Friday to reach an agreement over the sale that would allow PT to
continue its presence in Brazil, a key market for both
companies.
Telefonica is also slated to hold a board meeting Friday, the
same day the Spanish company's bid for PT's Vivo stake expires.
-By Jason Sinclair, Dow Jones Newswires; +34-91-395 8127;
jason.sinclair@dowjones.com;
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