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.