Telefonica Asks PT For Extra Dividend If Holders OK Vivo Bid
June 15 2010 - 7:50AM
Dow Jones News
Spanish telecommunications giant Telefonica SA (TEF) Tuesday
proposed that Portugal Telecom SGPS S/A (PT) pay out an
extraordinary dividend of EUR1 a share or more if the Portuguese
company's shareholders agree to sell the firm's stake in Vivo
Participacioes SA (VIV).
Telefonica recently made a EUR6.5 billion bid for PT's stake in
Brazilian mobile company Vivo.
In a regulatory filing, Telefonica said it had asked for the
proposal to be included in a shareholder vote at PT's upcoming
extraordinary shareholder meeting scheduled June 30.
Telefonica owns 76.3 million shares in PT, or 8.51% of the
company's stock.
PT has 1.13 billion shares outstanding.
-By Christopher Bjork, Dow Jones Newswires, +34 91 395 81 23,
christopher.bjork@dowjones.com
Telefonica Brasil (NYSE:VIV)
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