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Portugal Telecom CEO not open to Vivo sale-paper

Wed Jul 11, 2007 3:19am EDT

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LISBON, July 11 (Reuters) - Portugal Telecom (PTC.LS) will not give up control of Brazilian mobile operator Vivo (VIVO4.SA) to Spain's Telefonica (TEF.MC), daily newspaper Diario Economico quoted PT's chief executive officer as saying on Wednesday.

Mergers & Acquisitions

Telefonica has bid more than 3 billion euros ($4.13 billion) to buy the other half of its 50-50 joint venture with PT in Brazil's leading mobile operator Vivo.

But Granadeiro said PT was not willing to sell and was instead focused on the operational turnaround of Vivo.

"PT is not open to selling Vivo, as we have repeatedly said," Granadeiro told the local daily.

"PT is aware of Telefonica's plans to buy Vivo and the synergies that would result from such a deal between Vivo and Telefonica's fixed businesss in Brazil ... but much like Telefonica, we too are very satisfied with the present turnaround (in Vivo)." ($1=.7270 Euro)

Mergers & Acquisitions


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