Telefonica Sweetens Vivo Bid

Spain’s Telefonica has improved its offer for Portugal Telecom’s (PT) 50% stake in Brasilcel, which holds a 60% stake in Vivo Participacoes, to EUR6.5bn from EUR5.7bn, says PT in a regulatory filing. PT says that the new offer, valid until June 30, still does not reflect the strategic value of the asset and will convene a shareholder meeting to decide on the offer. Credit Suisse and UBS are reportedly advising Telefonica, while Bank of America is understood to be working in PT’s defense.