
Spanish telecoms provider Telefónica has withdrawn its bid to acquire a further €7.15 billion stake in Brazil’s leading cell phone company, Vivo, currently owned by Portugal Telecom.
Telefónica and Portugal Telecom each own 50 per cent of Brasilcel, a Dutch registered holding company which owns 60 per cent of Vivo. Brasilcel is also listed on the Brazilian stock market, where the remaining 40 percent of its stock is publicly traded.