Spain's Telefonica to bid for control of Brazil mobile unit: report

0 Comments | AFP, July, 2007

MADRID (AFP) — Spain's Telefonica, which jointly controls top Brazilian mobile operator Vivo with Portugal Telecom, has made an offer for outright control, the Spanish telecoms giant told the Financial Times Tuesday.

Telefonica chairman Cesar Alierta told the Financial Times the Spanish group had made an offer for exclusive control of Vivo, without specifying financial details.

According to the FT report, Telefonica proposed 3.0 billion euros (4.1 billion dollars) and requested a response by August.

Contacted by AFP, the company refused to comment, as did Portugal Telecom.

The FT said that Telefonica would likely sell its 10-percent stake in Portugal Telecom, which makes it the largest shareholder in the group, if the deal proceeded.

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