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Telef??nica Raises Bid For Portugal Telecom's Brasilcel Stake
June 30, 2010, Wednesday, 03:40 GMT | 22:40 EST | 08:10 IST | 10:40 SGT
(RTTNews) - Portugal Telecom, SGPS SA (PT) announced that it has received an revised proposal on June 29, 2010, from Telef??nica SA (TEF, TDE.L) to acquire its 50% shareholding in Brasilcel. This new consideration amounts to Euro 7.15 billion and is valid until July 2, 2010.
Recently, Telef??nica raised its offer to acquire PT's 50% shareholding in Brasilcel to Euro 6.5 billion, from the earlier offer of EUR 5.7 billion. PT noted that all the other terms and conditions of the offer received on June 1, 2010 remain the same.
PT said it will submit the new offer to Shareholders at the General Shareholders Meeting that will take place on June 30, 2010.
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