BLOOMBRG/ Portugal may pay a stiff price for using its "golden share" to stop Telefonica’s $8.72 billion offer for Portugal Telecom’s stake in their 50-50 venture Brasilcel NV, which owns 60% of Vivo Participacoes said RBC researcher Roger Appleyard saked “Why would you want to invest in large Portuguese corporates when you get interference like this?” 74% of shareholders accepted the deal at a Lisbon meeting. PM Jose Socrates defended the decision. “This offer did not account for the strategic interests that Vivo represents for Portugal Telecom,” said Socrates. “The golden share is there to be used when necessary.” The government’s veto may be futile because an EU court will decide on 8 July whether the veto rights comply with EU law.
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