Telefonica Chairman: Offer To Buy PT's Vivo Stake Ends Friday
July 13 2010 - 6:28AM
Dow Jones News
Telefonica SA's (TEF) EUR7.15 billion offer to buy Portugal
Telecom SGPS SA's (PT) stake in Brazilian cell phone operator Vivo
Participacoes SA (VIV) ends Friday, Telefonica's Chairman Cesar
Alierta said Tuesday.
Telefonica and PT control Vivo through joint venture Brasilcel,
which in turn holds 60% of Vivo.
"Brasilcel obviously is an agreement between the two partners,
and there shouldn't be outside interference," Alierta said at the
sidelines of an event at the company's headquarters.
A vast majority of PT shareholders last month voted to sell PT's
stake in Vivo to Telefonica. But Portugal's government used its
golden share in PT to block the sale, a move ruled illegal by the
European Court of Justice.
Telefonica is Spain's largest telecommunications company by
market value and customers.
Company website: www.telefonica.com
-By Jason Sinclair, Dow Jones Newswires, 34 913958127,
jason.sinclair@dowjones.com
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