Portugal’s Sonae has ruled out making a takeover offer for local cable operator PT Multimedia (PTM). According to Thomson Financial which cites a report from Expresso, Sonae says PTM’s current share price means a bid is impossible. The report, which quotes Sonae CEO Paulo Azevedo, says that though Sonae and PTM have complementary businesses, PTM is ‘clearly focused on other paths’ to growth for the time being. PTM was spun off from Portugal Telecom late last year.
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