Portugal Telecom says timeline for PTM spin off 'confidential' |
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Mon, 02 Apr 2007 11:26
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LISBON (AFX) - Portugal Telecom SGPS declined to comment on a report this morning that it estimates that the spin-off of its PT Multimedia SGPS cable unit will take between eight and 12 weeks, saying that the news cites a 'confidential' document.This morning, Diario de Noticias cited a document sent to the Portuguese competition authority AdC, by the telecom group giving the timeline of the PTM spin off.'The paper is quoting a confidential document sent by us to the competition authority so obviously I can't comment on that,' said an official source at PT.PT's spin off of its nearly 60 pct stake in PTM is expected to be approved at PTM's AGM on April 24 and at PT's AGM on April 27.PT promised to spin off its nearly 60 pct stake in PTM by giving out four PTM shares for every 25 PT shares held, if shareholders managed to defeat Sonaecom SGPS' bid for the company, which was scrapped after PT's EGM last month.luis.morais@thomson.comlm/jg/lm/anCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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PT sees PTM spin-off taking 8-12 weeks - report 