Portugal Blocks Telefonica's Bid for Vivo Stake

The government of Portugal acted to block the proposed sale of Portugal Telecom's stake in Vivo, the Brazilian mobile operator, to Telefónica S.A. The Portuguese government remains a special "golden" shareholder in Portugal Telecom and opposed Telefónica's bid for strategic reasons. The moves follows several bid increases from Telefónica, which reported had pushed the offer up to EUR 7.15 billion.
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