Deals
Telefonica Drops $9.2 Billion Vivo Bid, May Seek Court Ruling
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Telefonica SA abandoned a 7.15 billion-euro ($9.2 billion) offer for Portugal Telecom SGPS SA’s stake in Brazil’s largest wireless operator, raising the prospect of a protracted legal battle.
Spain’s biggest phone company refused a request by Portugal Telecom to extend a deadline for considering the bid, which expired yesterday. Telefonica may now ask a Dutch court to break up Brasilcel NV, the 50-50 venture that controls Vivo Participacoes SA, said a person with direct knowledge of the matter, who asked not to be identified as legal proceedings haven’t started.