UPDATE: Telefonica Rules Out KPN Buy, Other Major M&As After Vivo
June 10 2010 - 1:17PM
Dow Jones News
Telefonica SA (TEF) has ruled out buying Dutch rival Royal KPN
NV (KPN.AE) or making other major acquisitions, the Spanish
telecommunications company's Chairman Cesar Alierta said
Thursday.
Alierta made the comments in a meeting with journalists in New
York Thursday, a company spokesman said.
Market observers had speculated Telefonica or another rival
could buy KPN after it lost out in a recent spectrum auction.
Alierta added Telefonica wouldn't make any further major
purchases after its EUR6.5 billion bid for Portugal Telecom SA's
(PT) stake in Brazilian mobile company Vivo Participacoes (VIV,
VIVO4.BR). Portugal Telecom's shareholders will vote on the offer
on June 30.
If Telefonica completes the acquisition, its debt will rise
significantly but the deal is necessary for the company to get a
bigger hold of the high-growth Brazilian market, analysts say.
-By Jason Sinclair, Dow Jones Newswires, 34 913958127,
jason.sinclair@dowjones.com
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From Apr 2024 to May 2024
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From May 2023 to May 2024