The value of Brazilian mobile operator Vivo’s shares has plummeted 39% on the São Paulo stock exchange since it merged its five units in March 2006, according to BNamericas quoting Brazilian news site TI Inside. When the company started trading on 30 March, the share price was BRL9.15, but on 7 August it had fallen by more than a third to BRL5.52. Vivo completed its merger of five stock exchange-listed units – Telesp Celular Participações (TCP), Tele Centro Oeste Celular Participações, Tele Sudeste Celular Participações, Tele Leste Celular Participações and Celular CRT Participações – into TCP, which was renamed Vivo Participações. Vivo is a 50:50 joint venture of Spain’s Telefónica and Portugal Telecom. It recently posted a 2Q net loss of BRL493 million (USD225 million), double the BRL253 million loss reported in the corresponding period of 2005.