Dos Santos withdraws Portuguese bid

24 Dec 2014

Reuters reports that Angolan billionaire businesswoman Isabel dos Santos has dropped her USD1.46 billion bid for holding company Portugal Telecom SGPS (PT SGPS) which sought to block the agreed sale of the PT Portugal domestic mobile and fixed operations by Brazil’s Oi to Altice Group. In a statement yesterday, Ms dos Dantos’ Portuguese company Terra Peregrin said it had ‘decided to withdraw the offer after careful consideration’ following last week’s ruling by the Portuguese market regulator that it must raise the offer price for PT SGPS, which holds a minority stake in Oi and veto power over the PT Portugal sale.

Portugal, Oi, Pharol (formerly Portugal Telecom SGPS [PT SGPS])