Telcos open to talks on offer for Brazil's Vivo
By Barry Hatton |
July 9, 2010, Friday
|
Print Edition
Print Edition
PORTUGAL Telecom says it is open to negotiations with Telefonica over the Spanish company's 7.15 billion euros (US$9.04 billion) offer for PT's stake in Brazil's leading cell phone company, Vivo.
"We have to be pragmatic and find the best solution for everyone involved," PT Executive President Zeinal Bava said yesterday after the European Union Court of Justice ruled that the Portuguese government's use of special voting rights to block the deal was illegal.
"In my view and in the view of PT's board we have to act in accordance with the facts," Bava told reporters after the court announced its ruling in Luxembourg. "The facts are known and, above all, we have to look for a way forward."
PT's board had opposed Telefonica's bid for its 50 percent stake in Brasilcel, a holding company which in turn owns 60 percent of Vivo. Telefonica owns the other 50 percent of Brasilcel.
But last week PT shareholders voted to accept the offer, by 74 percent to 26 percent. The center-left government then stunned the market by vetoing the deal, using rights attached to its so-called "golden share" in PT which grants it the final say in strategic decisions.
Portuguese Prime Minister Jose Socrates said he was "acting in the national interest" as PT needed growth in the Brazilian market to maintain its international profile.
Socrates accused the European Commission, which has in the past opposed the golden shares held by EU governments, of pursuing "ultraliberal" economic policies.
The EU court said the veto was unfair. It scared away investors, the court said.
Telefonica said late Wednesday it is "willing to continue looking for possible solutions to take this operation to a good ending in which both parties feel comfortable."
"We have to be pragmatic and find the best solution for everyone involved," PT Executive President Zeinal Bava said yesterday after the European Union Court of Justice ruled that the Portuguese government's use of special voting rights to block the deal was illegal.
"In my view and in the view of PT's board we have to act in accordance with the facts," Bava told reporters after the court announced its ruling in Luxembourg. "The facts are known and, above all, we have to look for a way forward."
PT's board had opposed Telefonica's bid for its 50 percent stake in Brasilcel, a holding company which in turn owns 60 percent of Vivo. Telefonica owns the other 50 percent of Brasilcel.
But last week PT shareholders voted to accept the offer, by 74 percent to 26 percent. The center-left government then stunned the market by vetoing the deal, using rights attached to its so-called "golden share" in PT which grants it the final say in strategic decisions.
Portuguese Prime Minister Jose Socrates said he was "acting in the national interest" as PT needed growth in the Brazilian market to maintain its international profile.
Socrates accused the European Commission, which has in the past opposed the golden shares held by EU governments, of pursuing "ultraliberal" economic policies.
The EU court said the veto was unfair. It scared away investors, the court said.
Telefonica said late Wednesday it is "willing to continue looking for possible solutions to take this operation to a good ending in which both parties feel comfortable."
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