Portugal Telecom SGPS called a shareholder meeting for 12 January to vote on Altice’s €7.4 billion bid for Portuguese telecoms assets owned by Oi, in which PT SGPS is the largest shareholder.
A vote was flagged up following the backing of Oi’s board for the Altice bid earlier this week.
Portugal SGPS is the largest shareholder in Oi with a 25.6 per cent stake, and the support of its shareholders is vital to Altice’s bid. The sole item on the agenda of the 12 January meeting is chewing over the Altice offer.
The only assets held by Portugal Telecom SGPS are its Oi stake and €900 million of defaulted debt belonging to Rioforte, a bankrupt company owned by the Espirito Santo family.
Portugal Telecom’s domestic mobile and fixed business is owned by Oi, and will be transferred to Altice if its bid is successful.
Portugal Telecom SGPS is itself the target of a takeover bid by Isabel dos Santos — billed as Africa’s richest woman and the backer of Nos, the second largest player in the Portuguese telecoms market.
Dos Santos’ bid is an attempt to thwart Altice’s ambitions, and part of her own drive to take control of some or all of Portugal Telecom’s domestic assets. However, the dos Santos approach has been rejected by the board of Portugal Telecom SGPS.