Sonaecom has asked Portugal’s stock market regulator CMVM if it can reduce its takeover offer for Portugal Telecom (PT) from EUR9.50 per share to EUR9.41. The move follows a decision by PT to increase its 2005 dividend payment from EUR0.385 to EUR0.475 per share. It also comes in the wake of a preliminary decision by the competition watchdog AdC which ruled that the takeover could only proceed if strict conditions were met, including the sale of either PT’s wireline business or its cable TV operations. PT has urged shareholders to reject the hostile bid from Sonaecom. A report from Reuters quotes local financial analysts who say Sonaecom’s bid was already shaky at EUR9.50 per share, and it stands even less chance of success at the new price.
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