Telefónica and PT confirm Vivo talks; deny plan for one to leave

26 Apr 2007

Telefónica of Spain and Portugal Telecom (PT) yesterday confirmed that discussions over the future direction of their joint venture in Brazil, mobile phone operator Vivo, are ongoing, but added that speculation that one of them might exit the venture is untrue. In a statement to the Sao Paulo stock exchange, the Spanish firm said talks with PT were taking place ‘with some frequency’ over the future shareholding structure of the Brazilian unit. PT later corroborated its joint venture partner, telling the stock exchange that talks concerned the strategic options for Vivo and its holding company Brasilcel, and how to improve its business.

Brazil, Telefonica