Sonaecom has failed in its EUR11.9 billion (USD15.7 billion) bid to take control of larger rival Portugal Telecom (PT). PT shareholders voted on Friday to retain a 10% voting rights limit, thus putting an end to Sonaecom’s year-long takeover challenge. The firm had secured the backing of 43.9% of PT’s shareholders but needed at least 50.01% for the bid to proceed. 46.58% of shareholders voted against the takeover, while 9.52% abstained. Sonaecom initially offered EUR9.50 per share for PT but raised its offer to EUR10.50 last month; PT urged its shareholders to reject both offers, saying they undervalued the company. Sonaecom is now barred from launching another bid for PT for at least twelve months under stock market rules. Its share price dropped by as much as 19% when trading resumed this morning, Bloomberg reports.
Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.
Browse Past Issues
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors