Portugal Telecom Looking Likely To Sell Vivo

It is looking increasingly likely that Portugal Telecom (PT) will agree to sell its stake in Brazil's largest mobile operator to Telefónica, despite protesting that such a move could 'amputate [its] future'. PT's board has called an extraordinary shareholder meeting to allow shareholders to decide whether to accept Telefónica's latest bid. The Spanish incumbent has said it believes that PT's shareholders will accept the offer, but PT's management and some key shareholders are lobbying for a rejection, not in order to preserve the investment, according to reports in Reuters, but rather to get a better offer.

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