Portugal Telecom SGPS SA (PT) is a strategic asset for Portugal, the country's prime minister, Jose Socrates, said Monday.

Socrates added that he wants a "big" Portugal Telecom and that Brazil is a strategic market for Portugal.

Last week, Telefonica SA (TEF) made a EUR5.7 billion offer for Portugal Telecom's stake in Vivo Participacoes SA (VIV), a Brazilian joint venture that both companies control. PT rejected the offer and has said Vivo is strategic for the company.

The Portuguese government has a golden share in Portugal Telecom.

Company website: www.telefonica.com

-By Jonathan House and Jason Sinclair, Dow Jones Newswires; 34 913958121; jonathan.house@dowjones.com
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Telefonica Brasil Charts.
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Telefonica Brasil Charts.