Portugal Telecom rejects a €5.7B ($7.3B) cash offer from Telefonica (TEF -5.8%) for PT's 50%...

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

Portugal Telecom rejects a €5.7B ($7.3B) cash offer from Telefonica (TEF -5.8%) for PT's 50% stake in Brasilcel, their joint investment vehicle which controls 60% of Brazilian mobile company Vivo (VIV). PT says a sale would hurt its long term growth prospects.