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Telefonica SA gives clarification on Brazilian antitrust regulator announcement

Monday, 9 Dec 2013 01:17pm EST 

Telefonica SA:Clarifies that the Brazilian Antitrust Regulator (CADE) verbally announced on Dec. 4 two decisions.Says CADE announced a decision to approve the acquisition by Telefonica of the entire stake held by Portugal Telecom SGPS SA, and PT Moveis-Servicos de Telecomunicacoes SGPS SA (the PT Companies) in Brasilcel NV, which controlled the Brazilian mobile company, Vivo Participacoes SA.Says the decision was granted conditional on the entry of a new shareholder in Vivo, sharing with Telefonica the control of Vivo in conditions identical to those that were applicable to the PT Companies when they had a participation in Brasilcel NV.Says the decision was granted conditional on that Telefonica ceases to have any direct or indirect financial interest in TIM Participacoes SA.Says CADE announced a decision to impose on Telefonica a fine of 15 million Brazilian reais for having allegedly breached the goal of the agreement signed between Telefonica and CADE.Says since Telefonica has not been officially notified and therefore is not aware yet of the official complete terms of any of these decisions, it has not decided yet which course of action to take in relation to these recent rulings. 

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