EU To Probe Telefonica, Portugal Telecom Agreement

Law360, New York (January 24, 2011, 12:02 PM EST) -- European antitrust regulators have begun investigating whether Telefonica SA and Portugal Telecom SGPS SA illegally agreed not to compete with one another in their home markets.

The European Commission's formal investigation will focus on an agreement that the two former state telecom companies reached in 2010 after Telefonica won control of Vivo Participacoes SA, its wireless joint venture with Portugal Telecom in Brazil, the antitrust watchdog said Monday.

Officials also seek to learn whether the noncompete agreement was in place before the transaction took place, though...
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