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Portugal Telecom wants higher bid

Portugal Telecom wants more for its stake in Brazilian mobile operator Vivo than Telefonica’s new offer of €6.5bn (£5.4bn), a leading shareholder and sources with knowledge of the deal said.

The sources said yesterday the strategy of Portugal Telecom and its key shareholders was to show Telefonica they were still not satisfied with the sweetened bid, and to persuade other shareholders to reject it. Portuguese investment firm Ongoing, Portugal Telecom's fifth largest shareholder with a 6.74 per cent stake, said Portugal Telecom's board had done the right thing to call a shareholder assembly to decide on the bid which it said did not share the full value of Vivo.