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Telefonica says use of 'golden share' illegal

Source: Reuters - Thu 1st Jul 2010

Spain's Telefonica said the Portuguese government's use of a so-called golden share to ban the sale of Portugal Telecom's stake in Brazil's largest mobile phone carrier Vivo was illegal.

"Telefonica considers the veto through a 'golden share' illegal" the Spanish group said in a statement on Wednesday.

The telecommunications giant also said it was extending the period for PT to accept the proposal to July 16.

The operator added that the offer of 7.15 billion euro offer for the Brazilian group had the backing of 73.9 percent of PT's shareholders.

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