Vivendi (EPA:VIV) has sold 67.9 million preferred shares (a 4% stake) in Telefonica Brasil for some US$877m, marking its exit from the subsidiary, the company announced.
The transaction took place after the close of the New York Stock Exchange…
Vivendi (EPA:VIV) has sold 67.9 million preferred shares (a 4% stake) in Telefonica Brasil for some US$877m, marking its exit from the subsidiary, the company announced.
The transaction took place after the close of the New York Stock Exchange yesterday, after first converting the preferred shares into American Depositary Receipts (ADRs).
The French media giant announced yesterday that it had exchanged a 3.5% stake in Telefonica Brasil preferred shares for 0.95% of Telefonica ordinary shares. It added that Brazilian competition watchdog Cade would have to approve the transaction.
Vivendi also owns 14.9% of Telecom Italia, which owns Telefonica Brasil competitor TIM Brasil.
