Reports that SonaeCom’s takeover bid for larger rival Portugal Telecom are struggling to meet competition criteria have hit the firm’s share price. The Portuguese competition authority AdC this week passed an investigation into the takeover on to its second phase, but a report prepared as part of the first phase has thrown doubt on the viability of the EUR11.1 billion deal. Reuters has obtained a copy of the report and says it raises competition concerns in the fixed-line, cellular, media and content sectors. SonaeCom shares fell 2.7% on the news.
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