Zeinal Bava News
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Portugal Telecom SGPS SA has great potential for growth in Brazil as investments in the country’s communication network will let it reach new Internet, television and telephone clients, Chief Executive Officer Zeinal Bava said.
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Portugal Telecom SGPS SA Chief Executive Officer Zeinal Bava is stepping up the fight to force his counterpart at Telefonica SA , Cesar Alierta , to put more money on the table for control of their Brazilian venture.
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Portugal Telecom SGPS SA, Portugal’s biggest telecommunications company, is confident it will generate enough cash flow to deliver on a three-year dividend plan, Chief Executive Officer Zeinal Bava said.
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Portugal Telecom SGPS SA agreed to buy a stake in Telemar Norte Leste SA to remain in the Brazilian telecommunications market as it sells its shares in the country’s biggest mobile-phone operator to Telefonica SA.
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Portugal Telecom SGPS SA Chief Executive Officer Zeinal Bava said Telefonica SA ’s 5.7 billion- euro ($7 billion) offer for its stake in their Brazilian joint venture is “clearly insufficient,” marking a shift in stance.
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Portugal Telecom SGPS SA’s dividend remains attractive as the country’s biggest telecommunications company reduces payouts as part of a more “prudent” financial strategy, Chief Executive Officer Zeinal Bava said.
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Telefonica SA threatened to bid for Portugal Telecom SGPS SA and curb its ability to pay dividends, after the Portuguese company rejected a 5.7 billion-euro ($7 billion) offer for its stake in their Brazilian joint venture.
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Portugal Telecom SGPS SA agreed to buy at least 22 percent of Telemar Norte Leste SA , Brazil’s biggest phone company, for 8.32 billion reais ($5 billion) in cash, six months after selling its stake in the country’s largest wireless operator.
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Portugal Telecom SGPS SA Chief Executive Officer Zeinal Bava declined to comment on a report that said Tim Participacoes SA may hire him as the company’s new CEO, Jornal de Negocios reported today, citing Bava.
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Telefonica SA may be closer to clinching the purchase of Portugal Telecom SGPS SA’s stake in their Brazilian joint venture after the Portuguese company signaled it might accept more than the 5.7 billion euros ($6.9 billion) on offer.
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