Sonaecom finalises bid for Portugal Telecom

2 Jan 2007

Portuguese telco Sonaecom has submitted the final prospectus for its proposed EUR13.9 billion (USD18.35 billion) takeover bid for the country’s former monopoly operator Portugal Telecom (PT) to the securities regulator, CNVM. Its offer remains unchanged from its earlier proposal of EUR9.50 cash per PT share and EUR9.03 per share for PT’s cable division PT Multimedia. Earlier, the competition authority approved the takeover dependent on the sale of specified infrastructure assets and assurances for network access to rivals. Vodafone and several private equity houses have reportedly indicated their interest in acquiring certain assets from the merger.

Portugal, Optimus (Clix)