Telefonica to buy stake in Brazil's Vivo

“The agreement will be submitted for approval to the board of both firms, which are scheduled to meet today,” it said in a statement.

Telefonica and Portugal Telecom jointly own Vivo via investment vehicle Brasilcel, which owns 60 percent of the company.

Earlier on Wednesday the online edition of daily newspaper El Pais reported that Telefonica had increased its offer for Vivo to 7.5 billion euros (US$9.75 billion) from 7.15 billion euros previously.

Telefonica's initial offer of 5.7 billion euros was immediately rejected by Portugal Telecom's board in May.

Telefonica then raised the offer to 6.5 billion euros and then to 7.15 billion euros last month.

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