On May 11, Spanish telecommunications company Telefónica made a €5.7 billion bid for Portugal Telecom’s stake in Vivo, a Brazilian wireless carrier. Rebuffed, Telefónica raised its bid to $6.5 billion in June, but the Portuguese firm held out. In a note to shareholders, it stressed that the offer “does not reflect the strategic value” of Vivo, given the “strong potential” of the Brazilian market.
Telefónica’s bid – and Portugal Telecom’s reluctance to sell – highlights the importance of emerging
The week on Risk.net, July 7-13, 2018Receive this by email