SonaeCom denies reports of agreement with Telefónica over Portugal Telecom stake

25 Jul 2006

Portuguese telecoms group SonaeCom said Monday that it has not reached any agreement with Telefónica to buy the Spanish operators’s stake in Portugal Telecom, reports Cellular News. In a release sent to Portugal’s stock market regulator, the CMVM, SonaeCom reiterated a 26 June statement that it had not entered into any agreement with Telefónica as part of its takeover bid for its larger rival Portugal Telecom. Spanish newspaper La Vanguardia reported Monday that Telefónica Chairman Cesar Alierta had decided to sell the company’s 9.9% stake in Portugal Telecom as part of Sonaecom’s takeover bid. The paper said Telefónica would use the funds from the sale to finance the acquisition of the 50% it does not own in Brazil’s Vivo Participacoes.

Portugal,Optimus (Clix), PT Portugal (MEO), Telefonica,

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