Telefonica Withdraws €7.2B Bid To Buy Out Brasilcel

Law360, New York (July 19, 2010, 1:52 PM EDT) -- Spain’s Telefonica SA has withdrawn its €7.15 billion ($9.26 billion) bid to buy out Portugal Telecom’s stake in the companies’ wireless joint venture Brasilcel NV, which controls Vivo Participacoes SA, the largest wireless operator in Brazil.

Telefonica's offer expired after Portugal Telecom did not accept the deal within the deadline of Saturday, the telecommunications company said that day in a filing with the Spanish Securities Market Commission. Describing the previous discussions for the stock sale as “constructive,” Portugal Telecom had asked to extend its deadline to...
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