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PT explains Vivo rejection

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PT explains Vivo rejection

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Portugal Telecom has been explaining why it rejecting a bid by Spain’s Telefonica for its 50 percent stake in Brazil’s largest mobile phone operator Vivo.

PT said selling Vivo would be like cutting off its future. It added “scale and growth are critical to success in the telecommunications sector.”

Telefonica is PT’s partner in Vivo and had offered 5.7 billion euros.