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Calling all options

24 June 2010 By Fiona Maharg-Bravo

The Spanish operator’s sale of an 8 pct stake in Portugal Telecom via equity swaps was driven by the fear it wouldn’t be allowed to vote the shares in a ballot on its 6.5 bln euro bid to buy out PT’s of the Brazilian mobile JV. Telefonica’s move is clever, but a little risky.

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