PT Calls Shareholders Meet To Discuss Telefonica Bid For Vivo

Portugal Telecom SA (PT, PTC.LB) said Friday it has called for a shareholders meeting on June 30 to discuss Telefonica SA's (TEF) offer for PT's indirect stake in Brazilian mobile operator Vivo Participacoes SA (VIV).

PT said in a filing with regulators that shareholders will discuss at the extraordinary meeting whether to accept Telefonica's improved EUR6.5 billion offer for PT's half of Brasilcel, a holding company that owns about 60% of Brazilian mobile operator Vivo, or seek a higher price.

PT's board previously rejected Telefonica's initial offer of EUR5.7 billion for PT's stake in Brasilcel.

Telefonica, Spain's largest telecommunications company by market value and customers, is also a leading shareholder in PT, with a 10% stake. Portuguese banks Banco Espirito Santo SA (BES.LB) and Caixa Geral de Depositos are also among the company's top shareholders.

-Madrid Bureau, Dow Jones Newswires, 34 91 3958120, djmadrid@dowjones.com

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