Friday morning, Telefonica S.A. (TEF) said Vivo Partcipacoes, S.A., a Brazilian company controlled by Brasilcel NV, jointly controlled by Telefonica and Portugal Telecom SGPS completed purchase of 53.90% of voting stock and 4.27% of preferred stock of Telemig Cellular Participacoes S.A., the controlling shareholder of Telemig Celular S.A., a Brazilian mobile telephone operator in the State of Minas Gerais for about 429 million euros.The Madrid, Spain headquartered diversified telecommunications group said it also acquired the right held by the seller, Telepart Participacoes S.A. to subscribe in the future for paid up shares in Telemig Celular Participacoes S.A. for a price of about 26 million euros.Further, in accordance with Brazilian securities market legislation, Vivo said it would launch a mandatory tender offer for all the voting stock in Telemig Celular Participacoes and in its subsidiary company Telemig Celular S.A., with a price per share of 80% of the purchase price of the voting stock in Telemig Celular Participacoes S.A. and Telemig Celular S.A.The company also announced its intention to launch voluntary tender offer for one third of the free float of preferred stock in Telemig Celular Participacoes S.A. and Telemig Celular S.A. At the same time, in relation to the other company originally contemplated in the sale and purchase agreement, Telenorte Celular Participacoes S.A., controlling company of Amazonia Celular S.A., on 20 December 2007 Vivo entered into an agreement with TNL Pcs S.A. undertaking, subject to prior approval by Anatel to sell the shares in Telenorte Celular Participacoes S.A. which Telepart undertook to sell to Vivo on similar terms and conditions to those on which Vivo undertook to purchase those shares. The company said after necessary approvals, the sale was completed simultaneously with acquisition of Telemig Celular Participacoes.TEF closed Thursday's regular trading session at $89.44.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.