Telefónica, the Spanish telecommunications company, has made a €3bn-plus ($4.08bn) offer to Portugal Telecom to secure exclusive control of Vivo, Brazil's largest mobile operator. Telefónica has told Portugal Telecom, which jointly controls Vivo with the Madrid-based group, to respond to the offer by August.

César Alierta, the company's executive chairman, told the Financial Times he was mainly focusing on organic growth after a series of bold acquisitions in Europe and Latin America.