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Bloomberg | February 16, 2011 | The Associated Press
SAO PAULO (AP) — Spain’s Telefonica plans to hold a public tender to pay up to $1 billion for outstanding common shares in Vivo, Brazil’s top mobile company it already has a large stake in.
Vivo says in a statement on its website Wednesday that Telefonica plans the public tender March 18 for the roughly 15.2 million outstanding common shares.
Vivo says Telefonica is offering the equivalent of 50.15 euros per share.
After-hours calls to the Brazil offices of Vivo and Telefonica were not answered.
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