Angolan entrepreneur Isabel dos Santos is reportedly reviewing a number of options together with some PT SGPS shareholders, after withdrawing her offer for the holding in late December.
Dos Santos is considering buying out the main shareholders in PT…
Angolan entrepreneur Isabel dos Santos is reportedly reviewing a number of options together with some PT SGPS shareholders, after withdrawing her offer for the holding in late December.
Dos Santos is considering buying out the main shareholders in PT SGPS, which holds a nearly 26% stake in Oi, or acquiring a separate stake in the Brazilian telco, according to Portuguese daily Jornal de Negocios.
If any of these options materialises, these shareholders would reportedly be prepared to veto Oi’s €7.4bn sale of Portuguese incumbent PT Portugal to Altice at a general meeting on 12 January. In order to block the deal, at least two-thirds of PT SGPS shareholders should vote against it.
On 23 December, dos Santos’ investment vehicle Terra Peregrin said it had decided to withdraw its €1.35 per share bid for PT SGPS, initially filed on 9 November, after the Portuguese market regulator had asked it to raise its price in order to comply with local regulations.
The CMVM ruled that Terra Peregrin could not be exempted from following the law stating that the bidding price must not be lower than the share’s average price over the last six months. However, dos Santos had argued that the Rioforte’s default on debt held by PT SGPS had caused its shares to plunge, making the rule inapplicable.
Debt-ridden Oi is looking to sell PT Portugal and other non-core assets to raise cash for a potential tie-up with Telecom Italia (TI)-owned mobile carrier TIM Brasil. Meanwhile, TI is reportedly due to decide whether to submit a bid for Oi via TIM at its next general meeting scheduled for 12 January.
PT SGPS was not immediately available for comment.
