www.WirelessFederation.com/news: Bid has been increased by Telefonica Spain for Portugal Telecom’s indirect stake in their 50:50 Brazilian mobile joint venture Vivo Participacoes to EUR6.5 billion, while earlier the telco has offered EUR5.7 billion (USD8.1 billion) to Portugal Telecom.

The offer of improved bid has also been confirmed by PT. According to Portugal telecom, Telefonica’s revised offer comes in the shape of two alternative plans: the first would see the immediate sale of PT’s entire 50% holding, while the second option would see the sale triggered at PT’s discretion at some point during an agreed three-year period

A meeting was conducted by the board of PT to discuss the improved offer and that while they consider it does not reflect the strategic value of the Brazilian asset, have decided to call a shareholders’ meeting to discuss the offer in full.