PT refutes share price talk

15 Feb 2006

Portugal Telecom has denied press reports that claim it has placed a “fair value” on its own shares of between EUR11 and EUR12. The denial comes after Portuguese newspaper Jornal de Negocios cited an unnamed source at the telco who claimed the valuation had been based on estimates from three banks. PT is currently subject to a EUR9.50 a share takeover move by local utility group Sonae, but PT’s chief executive has called the bid hostile and claims it undervalues his company.