CMVM rejects PT's request to block approval of Sonaecom's bid for PTM |
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Published
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Wed, 10 Jan 2007 09:21
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LISBON - Stock market regulator CMVM has rejected Portugal Telecom SGPS' request that it block the approval of Sonaecom SGPS' bid for its PT Multimedia SGPS (PTM) unit, Journal de Negocios reported, citing the CMVM.According to the newspaper, PT asked the CMVM not to register Sonaecom's bid for PTM as the Porto-based company can not guarantee exclusive control of PTM.Without exclusive control of PTM, Sonaecom could not fulfil the guarantees on PTM content sharing it agreed on with competition authority ADC.Journal de Negocios cited the CMVM as saying that if Sonaecom does not achieve exclusive control of PTM, both the pledges made to the competition authority and the deadlines within which to complete them may be revised.Sonaecom is bidding 9.5 eur per share for PT, and 9.03 eur per share for PTM. CMVM said it hopes to approve the Porto-based company's bid prospectus for PT this week.jonathan.gleave@afxnews.comjg/anCOPYRIGHTCopyright AFX News Limited 2006. 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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Lisbon shares at a glance outlook - lower after Asian sell off 