Portuguese incumbent Portugal Telecom will convene its shareholders to discuss Telefonica’s improved bid on Brazil’s Vivo on June 30.
At the extraordinary meeting, shareholders will examine the Spanish incumbent’s ?6.5bn offer to buy the 50% it does not…
Portuguese incumbent Portugal Telecom will convene its shareholders to discuss Telefonica’s improved bid on Brazil’s Vivo on June 30.
At the extraordinary meeting, shareholders will examine the Spanish incumbent’s ?6.5bn offer to buy the 50% it does not already own in local mobile operator Vivo Participacoes.
The purpose of the meeting, according to a PT statement, was to consider “the price of the current offer or an eventual higher [one] that may be offered”.
PT previously rejected Telefonica’s initial E5.7bn bid.
Last Friday, Portuguese prime minister Jose Socrates declared that the state would be prepared to use its golden share ownership in the flagship operator to ensure that ownership of Vivo is retained.