Portuguese state-owned bank Caixa Geral de Depositos is reportedly planning to sell its 10.88% stake in the cable operator Zon Multimedia, according to a local media report.
The Portuguese newspaper Jornal de Negocios reported that CGD may invite…
Portuguese state-owned bank Caixa Geral de Depositos is reportedly planning to sell its 10.88% stake in the cable operator Zon Multimedia, according to a local media report.
The Portuguese newspaper Jornal de Negocios reported that CGD may invite companies to make bids for the stake. Potential bidders include mobile operators Sonaecom and Vodafone, and Kento Holding, the investment vehicle of the Angolan businesswoman Isabel dos Santos.
Bloomberg reported that Sonaecom’s CEO Angelo Pauperio had said that the company is not in talks to merge with Zon and is rather developing its business in an autonomous way.
CGD and Zon declined to comment.
A wave of deal speculation surrounded Zon in late January when the company removed a restriction that limited its shareholders to exercising a maximum of 10% of Zon’s voting rights.
However, a potential deal with Sonaecom and Vodafone would be complicated by another Zon rule, which states that a telecoms competitor can not hold ordinary shares representing more than 10% of Zon’s share capital, without the prior authorisation of the general meeting of Zon shareholders.
Zon is a triple-play operator, providing fixed-line, internet and TV services to around 1.8m customers.
According to its full-year 2011 results, released last week, its net income in 2011 was €34.2m, down 3.5% from the previous year. Its EBITDA for 2011 was €311m, an increase of 2.9% since 2010.
Kento Holding currently holds a 10% stake in Zon. Other major shareholders include Banco BPI (7.56% stake), Telefonica (5.46%) and Espirito Santo Irmaos (5%).
