PT CEO voices fears

20 Oct 2006

The CEO of Portugal Telecom (PT) says Sonaecom’s hostile takeover bid for his company may be hiding a veiled attempt by Sonaecom shareholder France Télécom (FT) to take control of Portugal’s largest telco. AFX reports that Henrique Granadeiro has told the European Union’s competition commissioner Nellie Kroes of his concerns about the French company’s involvement with the deal and also the impact on competition if it is given the go-ahead. FT has a 23.7% stake in Sonaecom, which earlier this year made a EUR13.9 billion takeover offer for PT and its cable subsidiary PT Multimedia.

Portugal,Optimus (Clix), Orange Group,

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