www.WirelessFederation.com/news: Spanish telecoms giant Telefonica is in a process to convince major shareholders to accept its offer for Portugal Telecom (PT’s) 50% stake in their Brazilian mobile joint venture, Vivo Participacoes. Major PT shareholders include US-based Brandes Funds (which owns 9% of PT) and Blackrock Inc (2.3%). A road show designed to persuade major PT shareholders is intended to be launched by Telefonica to line up behind its EUR5.7 billion (USD7.2 billion) bid for control of Vivo. Telefonica is making efforts to unlock the latent potential of the fast-growing Brazilian communications market and control of the cellco is seen as pivotal for its ambition. Telefonica has appointed Swiss investment bank UBS AG to work alongside long-term adviser Credit Suisse Group, to convince the Portuguese otherwise and PT on the other hand has brushed off its erstwhile partner’s advances, with Portuguese Prime Minister Jose Socrates going further to describe Brazil as a key market and Vivo as a strategic asset.