Telefonica raised its bid late Tuesday for Vivo, the Brazilian mobile operator it shares with Portugal Telecom, to 7.15 billion euros ($8.7 billion) in an attempt to convince PT shareholders to approve the offer at their meeting Wednesday.

Telefonica’s previous offer to buy PT’s Vivo stake was for 6.5 billion euros, putting the increase at 615 million euros, as the Spanish telecom giant attempts to overcome resistance in Portugal to losing its presence in Brazil, a growth market.

To read this report in The New York Times in full, see:
dealbook.blogs.nytimes.com/2010/06/30/telefonica-raises-bid-to-8-7-billion/