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Telefonica prevented from voting at PT assembly: shareholders

Wed 30th Jun 2010

The head of Portugal Telecom's shareholder assembly decided on Wednesday that Spain's Telefonica will be blocked from voting on the company's bid to buy PT's stake in Brazilian mobile operator Vivo, shareholders said.

The head of the shareholder assembly, Menezes Cordeiro, decided Telefonica would be blocked from casting its vote at Wednesday's shareholder meeting to decide on the bid as Telefonica is an interested party in the transaction, two shareholders said.

The two shareholders, who asked not to be named, told Reuters that Societe Generale and Mediobanca, in addition to Telefonica, would also not be able to vote at the shareholder meeting.

Portugal's CMVM market regulator decided this week that Telefonica has effective control of 10 percent of Portugal Telecom shares, which it will now not be able to use in Wednesday's vote.

Telefonica raised its bid for PT's Vivo stake late on Tuesday to 7.15 billion euros from 6.5 billion euros.

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