Spanish telecoms giant Telefonica SA (TEF) has raised its offer for a stake in Brazil's Vivo Participacioes SA (VIV) to EUR7.15 billion, a company spokesman said late Tuesday.

The sweeter offer comes just a day before shareholders of Portugal Telecom SGPS S/A (PT) meet in Lisbon to vote on Telefonica's bid. Telefonica's first bid of EUR5.7 billion was swiftly rejected by PT's board last month. The Spanish company then offered EUR6.5 billion for PT's stake.

Both companies view their Brazilian joint-venture, through which they control Vivo Participacioes SA (VIV), as key to their future growth prospects.

-By Santiago Perez, Dow Jones Newswires; +34 618 528 681; santiago.perez@dowjones.com
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