Regulator still to receive complete prospectus

9 Jan 2007

Portugal’s stock market regulator CMVM has still to approve Sonaecom’s prospectus of its takeover bid for larger rival Portugal Telecom (PT). The regulator says the initial version of the prospectus document was incomplete and has been waiting for further information from the telco before it can give the go-ahead for the bid to proceed. AFX quotes a CMVM official who states: ‘Hopefully, we will have the necessary conditions to approve it this week.’ It is thought that the regulator is waiting for confirmation of Sonaecom’s strategy with regards to PT’s Brazilian mobile unit Vivo, details of its plans for PT’s pension fund, and what synergies it expects to see from the deal.

Portugal, Optimus (Clix)