Portuguese financial group Banco Espirito Santo (BES) now holds 10.42% of the share capital – and associated voting rights – in Portugal Telecom (PT), it has confirmed in a statement to the securities commission, Comissao do Mercado de Valores Mobiliarios (CMVM). The transaction was carried out through BES’ wholly owned Avistar subsidiary. The stake hike means that long-term investor BES is now the largest shareholder in PT, ahead of RS Holding (10.05%), Telemar Norte Leste (10.0%) and Caixa Geral de Depositos Group (6.42%), with a total of 93.42 million PT shares.
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