Telefonica, Spain's major telecommunications group, has recently announced that it will embark on a road show with the international institutional investors of Portugal Telecom to convince them of the benefits of selling PT's equity stake in Brazilian mobile operator Vivo to Telefonica.

In the meantime, the company has also offered EUR5.7 billion for PT’s 50 percent in Vivo, in which it has the other 50 percent, a premium of 145 percent to Vivo’s average market value prior to the bid which PT refused, saying that the stake was strategic to PT’s long term growth.