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Telefónica sweetens Vivo bid to €6.5bn
02 June 2010
Telefónica has increased its bid for Portugal Telecom’s share of Brazil’s Vivo from €5.7bn to €6.5bn
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Telefónica
Vivo
Portugal Telecom
Brazil
Brasilcel
PT
Telefónica has increased its bid for Portugal Telecom’s share of the two companies’ Brazilian joint venture, Vivo. The Spanish telecoms company has raised its bid to €6.5 billion.
As part of the revised offer, Telefónica will grant PT a call option that can be exercised by either the Portuguese company or by a third party designated by PT over PT’s shares held by Telefónica.
Telefónica, which owns a 10% stake in PT, is in talks with PT and its key shareholders, including Portuguese banks Banco Espírito Santo and Caixa Geral de Depósitos, about a price that would be agreeable to them.
Its earlier €5.7 billion offer for PT’s half of Brasilcel, a holding company that owns about 60% of Brazilian operator, Vivo Participacoes, was rejected. GTB