Reuters | March 18, 2011 | Cesar Bianconi
* Telefonica buys 10.63 million common shares of Vivo
* Spanish telecom group pays 118.97 reais per Vivo share
* Vivo voting stock fall sharply after tender offer
SAO PAULO, March 18 (Reuters) – Telefonica (TEF.MC) bought 1.27 billion reais ($760 million) worth of voting shares of its Brazilian mobile carrier Vivo from minority shareholders on Friday, or less than 70 percent of what the Spanish telecom giant was bidding.
The offer, which followed Telefonica’s purchase of Portugal Telecom’s (PTC.LS) stake in Vivo for 7.5 billion euros last July, was a requirement before taking full control of Vivo. Vivo is Brazil’s biggest mobile phone company.
Telefonica purchased 10.63 million Vivo voting shares (VIVO3.SA) at 118.97 reais each in a tender offer at the Sao Paulo stock exchange. Telefonica was bidding to buy as many as 15.22 million common shares of Sao Paulo-based Vivo.
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