Spanish telecommunications giant Telefonica SA (TEF) Tuesday proposed that Portugal Telecom SGPS S/A (PT) pay out an extraordinary dividend of EUR1 a share or more if the Portuguese company's shareholders agree to sell the firm's stake in Vivo Participacioes SA (VIV).

Telefonica recently made a EUR6.5 billion bid for PT's stake in Brazilian mobile company Vivo.

In a regulatory filing, Telefonica said it had asked for the proposal to be included in a shareholder vote at PT's upcoming extraordinary shareholder meeting scheduled June 30.

Telefonica owns 76.3 million shares in PT, or 8.51% of the company's stock.

PT has 1.13 billion shares outstanding.

-By Christopher Bjork, Dow Jones Newswires, +34 91 395 81 23, christopher.bjork@dowjones.com
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