PT to offload PTM in September

24 Apr 2007

Portugal Telecom (PT) says it intends to spin off its 58%-owned cable TV and entertainment division PT Multimedia (PTM) in September 2007, fulfilling a promise made to shareholders as part of its defence against Sonaecom’s failed takeover bid earlier this year. Local newspaper Diario de Noticias says PTM shareholders have their AGM today and are likely to vote in favour of a proposal to scrap PT’s special voting rights. PT shareholders meet at their own AGM later this week and they too are expected to clear the way for the deal, Thomson Financial reports. PTM is the leading provider of broadband cable internet access in Portugal, with 362,000 customers at end-2006, up from 348,000 a year before, equivalent to more than two-thirds of the cable modem market according to figures from TeleGeography’s GlobalComms database.

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