Vivo eyes Telesp integration

Vivo’s preferred shares climbed 1.7% in early trading after the company revealed plans to be integerated with its sister company Telesp. In a securities filing the Brazilian mobile operator said that merging with Telesp, a fixed line operator also owned by Telefonica, would cut costs and simplify the shareholding structure. Telefonica bought Portugal Telecom’s stake in Vivo for USD9.9 billion in July, becoming the controlling shareholder.