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He added that Portugal Telecom would stay out of any possible legal dispute between the Spanish operator and the government and would instead focus on Vivo "to develop the business as we always have," he said.
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The purchase would add to the competition between América Móvil and Telefónica, the Spanish operator that is América Móvil's primary rival in Latin America.
On one level, the bid is a sign of the boisterous confidence of the Spanish operator.
In a short regulatory statement Saturday, the Spanish operator said that its offer had expired.
Last February, Telefónica, the Spanish telecommunications operator, agreed to extend its cooperation with NEC of Japan to develop cloud computing applications jointly in Latin America, where the Spanish operator has a strong presence.
The Spanish operator had previously threatened to wage a hostile bid for Portugal Telecom if its offer for Vivo were rejected.
The contrast between the Spanish and German operators was stark as both released financial results last week.
Standard & Poor's recently downgraded the debt of the French and Portuguese national rail operators, and earlier this month Moody's placed the Spanish train operator on review for a possible downgrade.
Telefónica, the Spanish telecommunications operator, and China Unicom, one of the largest mobile operators in the country, said Sunday that they would buy $1 billion worth of stock in each other to deepen a strategic alliance.
Shareholders at the Spanish markets operator, BME, will consider a similar move on June 5th.
The company is controlled by a group that includes Telefónica, the Spanish telecommunications operator that is Europe's largest, and two major Italian investors.
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