Telefonica is seeking EUR8 billion of loan financing from around 20 banks to back its offer for Portugal Telecom’s stake in Brazilian mobile company Vivo, and refinance existing debt
Telefonica has taken a new approach in its effort to control Brazilian operator Vivo, selling most of its stake in Portugal Telecom due to fears it would not be allowed to vote on its own offer to buy the Portugese telecom company out of their Brazilian joint venture.
Spain’s Telefonica has stepped up pressure on Portugal Telecom (PT) – its joint-venture partner in Brazilian mobile operator Vivo – hinting that it could launch a hostile takeover of the Portuguese firm if it cannot persuade it to sell its stake in Vivo.
Spain’s Telefonica is to integrate its fixed-line and mobile networks in Brazil in a bid to revive the underperforming fixed-line arm, reports the Financial Times today. The Spanish group is to reportedly approach Portugal Telecom – its partner in local mobile firm, Vivo – over closer integration with its fixed-line arm, Telesp, which is struggling amid increasing competition