América Móvil

Portugal Telecom said on Tuesday that Telefónica had raised its bid for a venture that controls Brazil's largest wireless operator to about 6.5 billion euros ($7.99 billion).

Portugal Telecom said on Tuesday that Telefónica had raised its bid for a venture that controls Brazil's largest wireless operator to about 6.5 billion euros ($7.99 billion).

In the wake of Portugal Telecom's refusing Telefonica's 5.7 billion euro bid for its stake in the Brazilian mobile operator, Vivo, which they jointly control, the question arises of how Telefonica will go forward, if it does at all. One possibility is a hostile bid for PT itself, analysts say.

In the wake of Portugal Telecom's refusing Telefonica's 5.7 billion euro bid for its stake in the Brazilian mobile operator, Vivo, which they jointly control, the question arises of how Telefonica will go forward, if it does at all. One possibility is a hostile bid for PT itself, analysts say.