Telefonica Chairman: Offer To Buy PT's Vivo Stake Ends Friday

Telefonica SA's (TEF) EUR7.15 billion offer to buy Portugal Telecom SGPS SA's (PT) stake in Brazilian cell phone operator Vivo Participacoes SA (VIV) ends Friday, Telefonica's Chairman Cesar Alierta said Tuesday.

Telefonica and PT control Vivo through joint venture Brasilcel, which in turn holds 60% of Vivo.

"Brasilcel obviously is an agreement between the two partners, and there shouldn't be outside interference," Alierta said at the sidelines of an event at the company's headquarters.

A vast majority of PT shareholders last month voted to sell PT's stake in Vivo to Telefonica. But Portugal's government used its golden share in PT to block the sale, a move ruled illegal by the European Court of Justice.

Telefonica is Spain's largest telecommunications company by market value and customers.

Company website: www.telefonica.com

-By Jason Sinclair, Dow Jones Newswires, 34 913958127, jason.sinclair@dowjones.com

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