Sonaecom may move on PTM merger

26 Nov 2007

Shares in the Portuguese telcos Sonaecom and PT Multimedia (PTM) rose at the end of last week following reports that the pair were considering a merger. PTM, which offers cable TV and internet services, was spun off from Portugal Telecom (PT) earlier this month. Sonaecom made a failed takeover attempt for PT at the start of this year and is barred from making a renewed attempt for either PT or PTM until March next year at the earliest. It is, however, free to go ahead with a friendly merger with PTM, and reports from Bloomberg suggest that Sonaecom has already begun contacting PTM shareholders about just such a move. A combination of the two firms would make sense, as their operations are complementary.

Portugal, Nos, Optimus (Clix)