Telefonica has requested that an additional item be included on the agenda of Portugal Telecom's shareholders meeting scheduled for 30 June. Telefonica owns approximately 8.51 percent of PT's share capital. At the shareholders meeting on 30 June, PT shareholders are expected to discuss and vote on Telefonica's revised offer of EUR 6.5 billion for Brazilian joint venture Vivo. Telefonica proposes that PT pay a special dividend if the Portuguese operator's shareholders accept Telefonica's bid for full control of the Brazilian mobile operator Vivo. Telefonica thus aims at the reinforcement of PT's current shareholder remuneration policy through the distribution of a supplemental and extraordinary dividend in the amount of EUR 1 per share, or superior for the financial year 2010. The dividend would add to the annual payout of 57.5 eurocents per share that Portugal Telecom has committed to give to investors through 2011.
