Sonae resists price pressure

19 Jan 2007

Belmiro de Azevedo, chairman of the Sonae group which has launched a hostile takeover bid for Portugal Telecom, says it would take something ‘absolutely extraordinary’ for the company to raise its offer from the current level of EUR9.50 per share. Responding to reports that PT shareholder Telefónica would be prepared to sell up if the price was raised by around one euro, he said: ‘Our price is the same. No one can force us to pay more than we should and can pay,’ AFX reports. PT shares closed up 0.69% yesterday at EUR10.24. Sonae’s offer to PT shareholders closes on 9 March, but it only has until the end of February to raise its bid price.

Portugal, Optimus (Clix)