Sonae will not sell Sonaecom

19 Mar 2008

Paulo Azevedo, CEO of Portugal’s Sonae group, says the firm is not willing to sell off its telecoms division Sonaecom, although it would consider a power sharing deal if Sonaecom merges with another player. Azevedo has confirmed that Sonaecom is interested in a merger with the Portuguese cable operator Zon Multimedia, which was spun off from Portugal Telecom (PT) in November last year, though its initial moves have been turned down. According to a report from Thomson Financial, Sonaecom’s CEO Angelo Pauperio told an investor conference that the firm ‘is willing to continue to lead consolidation in the Portuguese telecoms sector,’ and he said that there are several regional and niche telecoms operators in Portugal that ‘could help us improve our competitive position and are willing to join efforts with us.’

Portugal, Optimus (Clix)