PT Series continues

Publié le par Jean Arnal

The hostile take over bid by Sonaecom on Portugal Telecom is not finished. Even if Sonaecom has increased its offer to €10.5 a share (+10%), it does not include any significant premium. So, major PT shareholders have already rejected the offer. In addition, a PT law is barring any investor from holding more than a 10% stale in PT. A vote for trying to repeal this restricting issue will be made on March 2nd, but the output is far from positive for Sonaecom. In addition, Sonaecom is barred from making another increased offer before the March deadline. What would happen? It is unlikely that Sonaecom succeeds its bid in such conditions; a better counter-bid is still possible, but up to now, no major service provider interest is declared up to now. Telefonica should be interested to look at in the attempt to become a South Europe mammoth (Talks with Telecom Italia, stake in PT, and of course interest in remaining stake in Vivo (Brazil) held by PT). But ....

Publié dans Top stories

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