Takeover bid over Portugal's main Telecom fails

The ongoing saga of the hostile takeover of PT (Portugal Telecom) by Sonae is finally over. In a meeting, the main PT stockholders voted against the takeover, and trusted the current board of directors with the mission to further expand the company, specially in the South American markets.

At the same time, PT Multimedia, the branch of PT responsible for cable Internet communications, will be split from the main brand, which will cause, in some opinions, a new takeover race, this time for this smaller, but very valuable, company.

Nuno Hipolito

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