EC extends PT probe

23 Jun 2006

The European Commission has revealed that it is extending its investigation into the Portuguese government’s ownership of Portugal Telecom for a further six weeks. The Commission is examining the legality of the government’s ‘golden share’ in the telco which gives it a right to veto certain decisions with regard to PT’s future. The investigation is now due to reach a decision by the end of July, giving the government more time to present its case. AFX reports that the Commission granted the extension because it had received “convincing information that the member state is working towards a solution”.