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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