Portugal Telecom stocks rose as much as 15% after a statement by Terra Peregrin, mentioning that it wants to keep the main strategic guidelines set by Portugal Telecom’s board and the objectives “inherent” to the merger agreements signed by Portugal Telecom and Oi, Bloomberg says.
This statetement followed the official announcement this Sunday that investor and entrepreneur Isabel dos Santos launched a $1,5 billion bid for the 25,6% that PT SGPS holds on Brazilian telecommunications carrier Oi SA.
“Dos Santos is offering 1.35 euros a share through Lisbon-based Terra Peregrin-Participações SGPS SA, 11 percent more than the stock’s Nov.7 closing price”, Bloomberg mentions. The business news agency also reported that “Conditions include an acceptance level of more than 50 percent and no major changes such as a sale of strategic assets”.
Caixa-Banco de Investimento SA, the investment banking unit of Portuguese state-owned lender Caixa Geral de Depositos SA, is assisting with the offer.