insane dividends

[wzebra33]

Dec. 18 (Bloomberg) -- Telefonica SA will receive about 90 million euros ($119 million) from Portugal Telecom SGPS SA’s announced special dividend, Expansion reported, without citing anyone.

The Portuguese phone company will pay 1.65 euros per share to its shareholders, of which 1 euro will be paid on Dec. 28 and the remaining 65 euro cents in 2011. Portugal Telecom investors will be able to avoid paying part of an increase in taxes on dividend payments that Portugal will institute Jan. 1, the newspaper said.