Sonaecom board struggling with PT bid

15 Dec 2006

The board of Portuguese telco Sonaecom has been unable to reach a consensus on the final terms of its takeover bid for Portugal Telecom. Another board meeting has been postponed until the country’s competition authority AdC publishes its formal ruling on the EUR13.9 billion bid, AFX reports, citing local newspaper Publico. The AdC is expected to announce its decision on 22 December, and Sonaecom chairman Paulo Azevedo has said that a formal offer will then be made in early January. Azevedo told Diario Economico: ‘’We are going to show SonaeCom’s board that EUR9.50 is a price that can be paid for PT.’

Portugal, Optimus (Clix),

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