The Portuguese government has vetoed a EUR7.15 billion bid from Telefonica SA (TEF) to buy Portugal Telecom SGPS S/A's (PT) stake in Brazil's Vivo Participacioes SA (VIV), after PT shareholders approved the transaction, Telefonica officials and people attending the meeting said Wednesday.

-By Jeffrey T. Lewis, contributing To Dow Jones Newswires; djmadrid@dowjones.com; 34 91 395 8120
Telefonica Brasil (NYSE:VIV)
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