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ANGOLAN, FRENCH BIDS TARGET PORTUGAL TELECOM

Published by Gbaf News

Posted on November 11, 2014

1 min read
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Banking M&A telecommunications Investing

Rival Bids for Portugal Telecom

LISBON, Portugal (AP) – A battle has started for control of Portugal Telecom, with an Angolan takeover bid countering a French company’s offer.

Lisbon Stock Exchange Suspends Trading

The Lisbon stock exchange on Monday suspended trading in shares of Portugal Telecom SGPS SA after a 1.2 billion euro ($1.5 billion) bid from Terra Peregrin, a Lisbon-based company wholly owned by Isabel dos Santos, a businesswoman and daughter of longtime Angolan President Jose Eduardo dos Santos.

Ownership and Competing Offers Explored

PT is owned by Brazilian operator Oi, which is considering a 7 billion euro debt-free bid for PT made last week by France’s Altice. Oi described Terra Peregrin’s bid as “inopportune.”

Financial Troubles Impact Share Price

PT’s share price has plunged around 60 percent in recent months after the company revealed it lent around 900 million euros to a Portuguese company that went bankrupt.

Key Takeaways

  • A bidding war has emerged for Portugal Telecom between Angola’s Terra Peregrin and France’s Altice.
  • Trading in Portugal Telecom shares was suspended following a €1.2 billion bid from Isabel dos Santos’ Terra Peregrin.
  • Altice offered a separate €7 billion debt-free bid for Portugal Telecom’s Portuguese assets.
  • Portugal Telecom’s share price dropped about 60% after revealing a €900 million loan to a bankrupt firm.
  • Oi, the owner of PT, called Terra Peregrin’s offer “inopportune.”

References

Frequently Asked Questions

Who is Terra Peregrin?
Terra Peregrin is a Lisbon-based company wholly owned by Isabel dos Santos, daughter of the Angolan President.
What values are being offered in the bids?
Terra Peregrin offered €1.2 billion (approx. €1.35 per share), while Altice offered a €7 billion debt-free bid for PT’s Portuguese assets.
Why did PT’s share price plummet?
PT’s share price plunged around 60% after disclosing it had lent about €900 million to a Portuguese company that went bankrupt.
What was Oi’s reaction to the Angolan bid?
Oi labeled the Terra Peregrin bid “inopportune.”

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