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Telefonica says deal for Brazil's Vivo over

Telefonica says deal for Brazil's Vivo over

Spanish telecommunications giant Telefonica says it has pulled out of negotiations to acquire a (EURO)7.15 billion ($9.3 billion) stake in Brazil's leading cell phone company Vivo.
Telefonica says in a statement released Saturday that the deal fell through after Portugal Telecom's board of directors failed to accept the Spanish company's offer by the deadline.
Telefonica also released a copy of a fax allegedly sent by PT's board Friday night to request an extension on the offer to July 28.
Though PT shareholders voted two weeks ago to accept the offer, the Portuguese government used special voting rights to block the sale, citing "national interests."


Updated : 2021-06-20 10:59 GMT+08:00