Telesp, the Brazilian subsidiary of Spain’s Telefonica, will be able to access to some R$30bn (US$71bn) in bank financing to carry out its attempted bid to buy out mobile operator Vivo, Reuters reports.
Citing a source close to the situation, the…
Telesp, the Brazilian subsidiary of Spain’s Telefonica, will be able to access to some R$30bn (US$71bn) in bank financing to carry out its attempted bid to buy out mobile operator Vivo, Reuters reports.
Citing a source close to the situation, the newswire said that up to five local banks have offered to lend the funds to Telefonica, which wants to buy the 50% it does not own in Brasilcel, the holding company of Vivo, from Portugal Telecom.
The funds are much higher than the US$7.8bn offer price, reportedly reflecting the current enthusiasm to lend in that country.
Telesp, speaking to Reuters, said that it had not made a “single effort” to secure loans in its bid to control Vivo.
Portugal Telecom shareholders are due to meet June 30 to discuss Telefonica’s sweetened offer.