Telefonica To Raise Bid For PT's Half Of Brazilian JV
June 01 2010 - 2:32PM
Dow Jones News
Spanish telecommunications giant Telefonica SA (TEF) is planning
to raise its bid for Portugal Telecom SA's (PT) half of the two
company's Brazilian joint venture to between EUR5.9 billion to
EUR6.8 billion, a person close to the situation said Tuesday.
Telefonica had previously offered EUR5.7 billion for PT's half
of Brasilcel, a holding company that owns about 60% of Brazilian
cell phone operator Vivo Participacoes SA (VIV), an offer which PT
promptly rejected.
The person close to the situation who declined to be named said
that Telefonica was in talks with key PT shareholders over a new
offer price.
-By Jason Sinclair, Dow Jones Newswires; +34 628 278 718;
jason.sinclair@dowjones.com
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