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Brandes says will not tender Portugal Telecom shares to Sonaecom


Published : Fri, 23 Feb 2007 07:24
By : Agencies
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SAN DIEGO (AFX) - Investment adviser Brandes Investment Partners LP, which represents the owners of around 83 mln Portugal Telecom shares, or 7.36 pct of its total outstanding share capital, said it has decided not to tender its stake to Sonaecom, which launched a 10.7 bln eur bid for the company earlier this month.

Brandes said it believes Sonaecom's 10.5 eur per share bid for Portugal Telecom is 'significantly below' fair value.

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