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Telefonica (TEF) reaches an initial agreement to buy Portugal Telecom's (PT) stake in Vivo...

Telefonica (TEF) reaches an initial agreement to buy Portugal Telecom's (PT) stake in Vivo (VIV), but declines to provide a price for the deal, which must still be approved by the boards of both companies. Sources say Telefonica offered €7.5B ($9.8B), marking its third bid increase and a 32% jump from its initial offer.
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