3 Oct 2007
Sonaecom has been told it must wait until March next year before it can make a takeover bid for Portugal Telecom’s cable TV and media unit, PTM. According to Diario Economico, a clarification of stock market rules has shown that when Sonaecom made a bid for Portugal Telecom earlier this year it was also implying a bid for subsidiary company PTM. Under market regulations, Sonaecom is barred from making another approach for either of these companies for at least twelve months. Portugal Telecom is spinning off PTM and Sonaecom has been linked as a potential buyer.