6:55 AM -- Telefónica SA (NYSE: TEF) has upped the stakes in the battle for control of Brazilian mobile operator Vivo Participacoes SA . (See Telefónica's Vivo Battle Heats Up.)

The Spanish giant had previously offered €6.5 billion (US$8 billion) to buy the stake currently owned by joint venture partner Portugal Telecom SGPS SA (NYSE: PT). The Portuguese carrier isn't keen on selling but opted to let its shareholders decide whether to accept the offer, with the crucial vote due today.

Then late Tuesday, only hours before the shareholder vote and just as Spain was beating Portugal 1-0 in the FIFA World Cup, Telefónica increased its offer to €7.15 billion ($8.8 billion). (See Telefónica €5.7B Bid for Vivo Rejected.)

Will Spain be celebrating another victory over its neighbor today? We should find out very soon...

— Ray Le Maistre, International Managing Editor, Light Reading