PT Multimedia split plan rejected

6 Aug 2007

Portuguese regulators have rejected Portugal Telecom’s (PT’s) plan to spin off its 60% stake in its PT Multimedia (PTM) unit, Forbes reports. Telecoms watchdog Anacom and competition authority AdC say that the plan to offer PT shareholders four PTM shares for every 25 PT shares they hold does not ensure adequate separation of the two businesses as PT and PTM will be left with largely the same shareholders.

Portugal, Nos, PT Portugal (MEO)