Telefonica bids for Portugal Telecom unit

11th May 2010, Comments 0 comments

Spanish telecommunication giant Telefonica said Tuesday it had offered to acquire Portugal Telecom unit Brasilcel for 5.7 billion euros (7.3 billion dollars) by buying the 50 percent stake it does not already own.

The unit is 50 percent owned by Telefonica and 50 percent by Portugal Telecom.

Brasilcel controls 60 percent of the Brazilian mobile telephone group Vivo Participacoes SA.

The Telefonica offer expires June 6, the Spanish group said.

© 2010 AFP

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