PORTUGAL TELECOM REJECTS TELEFÓNICA BRAZIL BID
Portugal Telecom has rejected an unsolicited EUR5.7 billion bid from Spain’s Telefónica for its 50-percent stake in Vivo. The bid formally involves a 50-percent stake in Brasilcel – a holding that in turn controls Vivo, writes FT. “Vivo is an essential asset for PT’s strategy and the sale of this stake would go against PT’s long-term growth strategy,” Portugal Telecom said in a statement, adding that the board had rejected the offer unanimously.
Portugal Telecom has rejected an unsolicited EUR5.7 billion bid from Spain’s Telefónica for its 50-percent stake in Vivo. The bid formally involves a 50-percent stake in Brasilcel – a holding that in turn controls Vivo, writes FT. “Vivo is an essential asset for PT’s strategy and the sale of this stake would go against PT’s long-term growth strategy,” Portugal Telecom said in a statement, adding that the board had rejected the offer unanimously.
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