UPDATE:Telefonica Asks PT For Dividend If Holders OK Vivo Bid
June 15 2010 - 9:34AM
Dow Jones News
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 Portugal
Telecom's stake in Brazilian mobile company Vivo. Both Telefonica
and PT control Vivo through a 50-50 joint venture in the investment
vehicle Brasilcel, which controls 60% of 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. Both companies
have been locked in a power struggle over Vivo since Telefonica
made an offer to buy PT's stake in the company last month.
Portugal Telecom has said the offer doesn't value Vivo
appropriately but will allow its shareholders to vote over whether
it accepts Telefonica's offer or not.
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 and Jason Sinclair, Dow Jones Newswires,
+34 91 395 81 23, christopher.bjork@dowjones.com
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