PT denies spat with Telefonica

21 Nov 2005

Portugal Telecom (PT) has said that rumours about a disagreement between it and Telefonica Moviles (TEM) over their Brazilian joint venture Brasilcel (Vivo) are untrue, with the PT Financial Director saying that the relationship between them is ‘excellent’. The rift between the two shareholders was thought to be over Vivo’s declining market share; at the end of October it claimed 35.6% of the market, down from 36% the previous month, although it still signed up 107,000 new customers during October.