Brazil Approves Telefonica Purchase Of Stake In Vivo - Estado
September 23 2010 - 5:16PM
Dow Jones News
Brazil's telecommunications regulator Aneel approved Telefonica
SA's (TEF) purchase of Portugal Telecom SGPS SA's (PT) stake in
Vivo Participacoes (VIV), the local Estado news agency said
Thursday.
The regulator said the purchase only involves a change in
shareholders and doesn't affect competition in the market, Estado
said, citing people familiar with the matter.
Telefonica and Portugal Telecom said July 28 they had agreed for
PT to sell its stake in Vivo to Telefonica for EUR7.5 billion. PT,
in turn, will use some of the proceeds to buy a 22.4% stake in
rival Brazilian telecommunications company Oi (TMAR5.BR), ending a
months-long tug of war over Vivo between the two Iberian
companies.
-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073;
paulo.winterstein@dowjones.com
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