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| Name | Symbol | Market | Type |
|---|---|---|---|
| Telefonica Brasil SA | NYSE:VIV | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.01 | 0.11% | 8.86 | 9.01 | 8.84 | 9.01 | 695,720 | 01:00:00 |
From May 2019 to May 2024
Share price of Brazil's top mobile phone operator Vivo (VIV, VIVO4.BR) rose sharply Tuesday after Spanish telephone giant Telfonica (TEF) EUR5.7 billion bid to buy out its partner in Vivo, Portugal Telecom (PT).
Despite Portugal Telecom shareholders unanimously rejecting the bid, shares in Vivo rose 7.6% to 48.90 Brazilian real in late morning trading on the Brazilian Stock Exchange, or Ibovespa.
The offer is a rich one, analysts said. According to Telefonica, it implies a valuation of 112.29 Brazilian reals for each Vivo voting share owned by PT, a premium of about 145% on the average share price in the month prior to the offer.
"Even with the PT rejection of the offer, we view the news as positive as it completely alters the valuation of Vivo," said the Sao Paulo-based Link Investimentos brokerage.
It is unclear whether Telefonica would have to make a tag-along offer to minority shareholders.
The bid clearly shows the importance of the Brazilian market to both companies and opens up the possibility of a further offer.
-By Alastair Stewart; Dow Jones Newswires; 5511 3145-1479; alastair.stewart@dowjones.com
1 Year Telefonica Brasil Chart |
1 Month Telefonica Brasil Chart |
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