PT says Union Investment upped stake to 2.8 pct

LISBON, July 14 (Reuters) - Portugal Telecom (PTC.LS) said on Tuesday a fund owned by Union Investment Luxembourg acquired 10 million of its shares at the start of the month, boosting its stake to 2.8 percent of PT's voting capital.

PT -- the Iberian country's main telecommunications company -- said in a statement Union Investment Luxembourg, a unit of Germany fund managers Union Investment, now holds 25.4 million PT shares.

The acquisition was made by the InstitutionalOpti-Cash fund on July 3. At the July 3 closing price, the transaction would be worth 69.8 million euros ($97.63 million).

Portugal Telecom rose 0.57 percent on Tuesday to close at 7.04 euros, with around 2.1 million shares changing hands. (Reporting by Andrei Khalip)