Portuguese utility group Sonae has secured financing from Spain’s Banco Santander for its EUR10.7 billion takeover bid of Portugal Telecom (PT). While Sonae claims its offer is “positive and possible”, PT’s CEO Miguel Horta e Costa says the hostile bid seriously undervalues the telco and that it is lacking in long-term vision. Sonae has said it will sell off either PT’s cable TV infrastructure or its traditional copper telephony networks if its bid is successful. The firm may also be forced by regulators to sell off either its current mobile operation Optimus or PT’s mobile arm TMN. Meanwhile, France Télécom, which is one of Sonae’s partners in Optimus, says it is not involved in the takeover bid for PT.