Spanish incumbent Telefonica has called off its E7.15bn offer to buy Portuguese counterpart Portugal Telecom out of Brazilian JV Vivo.
Last Friday, the deadline for accepting Telefonica’s doubly sweetened offer, the Portuguese operator asked for the…
Spanish incumbent Telefonica has called off its E7.15bn offer to buy Portuguese counterpart Portugal Telecom out of Brazilian JV Vivo.
Last Friday, the deadline for accepting Telefonica’s doubly sweetened offer, the Portuguese operator asked for the closing date to be extended until July 28. In a fax to Telefonica, the Portugal Telecom board was committed to pursuing “its best endeavours” to find an agreement that suited all parties.
Telefonica declined, and the offer expired. Instead, the operator indicated it would continue to seek a controlling stake in Vivo holding company Brasilcel on its own.
It has been confirmed that Telefonica is planning to seek arbitration in Holland, where Brasilcel is headquarterd, to dissolve the JV and then buy the shares on the open market.
