Portugal’s telecom regulator Anacom has reaffirmed its position with regard to Sonaecom’s proposed EUR11.1 billion takeover of the country’s dominant phone operator Portugal Telecom. Although the competition authority AdC has published revised conditions for its approval of the deal, Anacom has said it ‘does not oppose but does not approve’ of AdC’s new terms, writes AFX, citing local newspaper Diario de Noticias. The AdC does have the final say on the proposed tie-up after it has taken Anacom’s views into account.
Meanwhile, Sonaecom has confirmed that 19.19% shareholder France Télécom has no influence in the firm’s day-to-day management. New rules governing takeovers in Portugal have been introduced, meaning that the French telco’s stake is considered to be 69.59% since it has a shareholders’ agreement with 50.4% owner Sonae SGPS. Portugal Telecom executives have in the past voiced fears that France Télécom is attempting to take control via Sonaecom, but Sonaecom says this is not the case according to a Dow Jones report.