Telefonica in $7.4B bid to take over Brazil's Vivo

MADRID (AP) - Spain's Telefonica says it has made a euro5.7 billion ($7.4 billion) offer to take over Vivo, Brazil's largest telecommunications company.

Telefonica and Portugal Telecom each own 50 percent of Brasilcel, which in turn owns 60 percent of Vivo. The bid is for the half of Brasilcel that Telefonica does not already own.

Telefonica said Tuesday it would also consider launching a tender for the ordinary shares of Vivo not owned by Brasilcel.

Portugal Telecom said Monday its board of directors unanimously rejected the offer.

The offer will expire June 6.