PT informs that it has received an unsolicited, binding and unconditional offer from Telefónica to acquire its 50% shareholding in Brasilcel, the holding company of Vivo for Euro 5.7 billion.

The Board of Directors met on 10 May to review the merits of the offer and rejected it unanimously.

Vivo is an essential asset for PT’s strategy and the sale of its stake would be against the long-term growth prospects of Portugal Telecom.