Portugal Telecom Board Meeting To Start At 1600 GMT -Source

Portugal Telecom SGPS SA's (PT) board meeting to decide whether to accept Telefonica SA's (TEF) offer for the Portuguese company's stake in Vivo Telecomunicacoes SA (VIV) will start at 1600 GMT Friday, a person close to the situation said.

"The meeting will start at 5 p.m. Lisbon time and there probably will not be a statement from the board about the outcome until some hours later," the person said.

The board of Portugal Telecom met Thursday to discuss Telefonica's EUR7.15 billion bid for its stake in Brasilcel, a 50-50 joint venture both companies share that controls 60% of Brazil's Vivo. The board didn't reach an agreement and extended the meeting until Friday.

Telefonica is also slated to hold a board meeting Friday, the same day the Spanish company's bid for PT's Vivo stake expires, at midnight.

-By Jason Sinclair, Dow Jones Newswires; [phone]; [e-mail];