Telefonica, which owns O2 in Ireland, has raised its bid for Brazilian mobile operator Vivo to US$8.7bn. The Spanish telecoms giant owns Vivo in partnership with Portugal Telecom.
Telefonica had previously bid €6.5bn to acquire Vivo and is anxious to consolidate its activities in the largest and most lucrative telecoms market in South America.
Telefonica’s bid will be determined by the meeting of Portugal Telecom shareholders.
Around 30pc of Portugal Telecom shareholders oppose the bid and ultimately turn out at the shareholder meeting will determine the outcome.
As much as 75pc of the shareholder base have registered to attend.