Sonaecom, the communications arm of Portuguese conglomerate Sonae, has offered to buy back as much as 24.16% of its own share capital, thus eliminating its free float. The decision was made following the completion of the merger between Sonaecom’s Optimus unit and local cableco Zon Multimedia. The company has offered EUR216.8 million (USD296.4 million), equivalent to EUR2.45 apiece for 88.5 million shares. Investors accepting the offer will receive shares in ZonOptimus (Zopt), the company formed by the aforementioned merger.
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