In an unexpected and controversial move, Portugal's government blocks Telefonica's (TEF) bid for...

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

In an unexpected and controversial move, Portugal's government blocks Telefonica's (TEF) bid for Portugal Telecom's (PT) stake in Vivo (VIV). 74% of PT's shareholders had voted in favor of the €7.15B ($8.7B) bid, and the government's intervention will likely be challenged by both Telefonica and the European Commission.