Vivo looking to incorporate Telemig and delist unit’s shares

24 Mar 2009

Vivo, the 50:50 mobile joint venture between Telefonica of Spain and Portugal Telecom (PT), plans to incorporate its recently acquired Telemig Celular unit and delist its shares. In a statement, PT said the proposal would be presented for shareholder approval and that the restructuring should be completed in H2 2009. ‘This corporate restructuring aims to simplify the current organisational structure of Vivo and its subsidiaries, reducing the number of companies listed on the Sao Paulo Stock Exchange and on the New York Stock Exchange, thus reducing the costs associated with their market listing,’ the statement read.