Telefónica's Vivo Battle Heats Up
According to the Financial Times, Portugal Telecom shareholders are due to vote Wednesday on Telefónica's €6.5 billion (US$8 billion) offer to buy them out of their joint venture company, Brasilcel, which is the majority stakeholder in Vivo.
Telefónica has been fighting to win control of Vivo for months, to boost its position in Brazil, while Portugal Telecom wants to hold on to its stake in the Brazilian company. (See Tensions Rise Around Vivo, Telefónica Ups Its Vivo Offer, Telefónica €5.7B Bid for Vivo Rejected, and TEF Goes Nuts for Brazil.)
— Michelle Donegan, European Editor, Light Reading Mobile