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

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

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.