Telefonica (TEF) raises its bid to buy Portugal Telecom (PT) out of Vivo (VIV), their Brazilian...

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica (TEF) raises its bid to buy Portugal Telecom (PT) out of Vivo (VIV), their Brazilian mobile phone JV. At €6.5B ($7.9B), the new bid is 14% higher than Telefonica's original offer. PT calls a shareholders' meeting to vote on the offer and appoints three execs to negotiate a potential deal.