Nuno Vasconcellos, the main individual shareholder in Portugal Telecom, believes Brazil is "indispensable" to the Portuguese operator's future growth, Bloomberg reports. Vasconcellos considers PT should focus on acquiring Telefonica's participation in Brazilian mobile operator Vivo. Telefonica and Portugal Telecom share the ownership of Vivo. Nuno Vasconcellos, via the Portuguese investment fund Ongoing Strategy Investments, currently owns a 6.74 percent stake in Portugal Telecom. The largest PT shareholder is Telefonica with a 10 percent stake, followed by Brandes Investments Partners (9.48%), Espirito Santo (8.63%) and Caixa Geral (7.28%). "We'll never do anything to put growth in Brazil at risk," said Vasconcellos in an interview in Milan. "Brazil is not only strategic, it is part of us, just like an arm or a leg," added Vasconcellos. Related to Portugal Telecom's openness to consider offers for Vivo, Vasconcellos said selling the Vivo stake now "even at a great price, would mean throwing away the future of the company." According to the PT shareholder, after Vivendi's entry on the Brazilian market via the GVT acquisition, things have changed on the local market. "If Telefonica doesn't act fast, the market may consolidate in a different direction", he warned. As to Portugal Telecom's potential takeover, Vasconcellos said "a hostile takeover from anyone on my side is not welcome." Neither did the shareholder rule out raising his stake in Portugal Telecom, explaining that "any shareholder happy with a company may consider" further increasing his stake.
