Telefonica's expansion plans in Brazil hit snags

14:25, June 27, 2010      

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Telefonica's expansion plans foundered after associate Portugal Telecom (PT) rejected its takeover bid for Vivo, Brazil's leading mobile phone operator.

Telefonica, Spain's largest telecommunications company and Portugal Telecom each own 50 percent of Brasilcel, a holding company which in turn owns 60 percent of Vivo. Since June 2, Telefonica has offered 6.5 billion euros (8.1 billion dollars) to take control of Brasilcel.

Telefonica's takeover of Vivo remains uncertain even after it sold 8 percent of its shares in the Portuguese company to various investment funds in a bid to gain the support of its allies.

The outcome of this Iberian battle will be known on June 30 after PT's annual shareholders meeting, one day after the clash between Spain and Portugal in the football World Cup in South Africa. PT has decided to vote on Telefonica's bid at the meeting in Lisbon.


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(Editor:王千原雪)

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