Telefonica Hires 2nd Legal Adviser In Arbitration Proceedings
July 21 2010 - 5:13AM
Dow Jones News
Telefonica SA (TEF) has hired a second law firm, Dewey &
Leboeuf LLP, to advise it in the arbitration proceedings it has
instituted in an Amsterdam court to break up the Brazilian venture
with Portugal Telecom SGPS SA (PT) through which it controls Vivo
Participacoes SA (VIV), a Telefonica spokesman said Wednesday.
Telefonica said one of the apsects of the case the U.S. law firm
will focus on is whether PT's failure to provide information on how
the Portuguese government could use its so-called golden share
constituted a breach of the company's commitments toward
investors.
The Portuguese government last month used its golden share--a
mechanism European governments have used to thwart hostile
takeovers of companies they consider strategically important--to
block Telefonica's EUR7.15 billion offer for PT's half of the
companies' joint venture.
Telefonica said Monday it had hired Dutch law firm De Brauw
Blackstone Westbroek to explore how to dissolve the Netherland's
registered joint venture, Brasilcel.
-By Jonathan House, Dow Jones Newswires, 34 913958127,
jonathan.house@dowjones.com
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