Bank backs Sonae’s PT bid

8 Feb 2006

Portuguese utility group Sonae has secured financing from Spain’s Banco Santander for its EUR10.7 billion takeover bid of Portugal Telecom (PT). While Sonae claims its offer is “positive and possible”, PT’s CEO Miguel Horta e Costa says the hostile bid seriously undervalues the telco and that it is lacking in long-term vision. Sonae has said it will sell off either PT’s cable TV infrastructure or its traditional copper telephony networks if its bid is successful. The firm may also be forced by regulators to sell off either its current mobile operation Optimus or PT’s mobile arm TMN. Meanwhile, France Télécom, which is one of Sonae’s partners in Optimus, says it is not involved in the takeover bid for PT.

Portugal, Optimus (Movel),


Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate

Browse Past Issues


Filter CommsUpdate by the following categories or use the search.


Visit our help page information on performing advanced searches, including how to restrict the results by country or company.


CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.