Portuguese bank Caixa Geral de Depositos is looking to dispose of its 6.46% stake in Portugal Telecom.
In a press conference on Friday to present the bank’s 2012 results, its CEO Jose de Matos said the state-owned bank was looking to divest all of its…
Portuguese bank Caixa Geral de Depositos is looking to dispose of its 6.46% stake in Portugal Telecom.
In a press conference on Friday to present the bank’s 2012 results, its CEO Jose de Matos said the state-owned bank was looking to divest all of its non-core assets including its holdings in PT.
Today PT’s stock opened at €4.16 per share, giving Caixa Geral de Depositos’ 57,582,885 shares a value of roughly €240m.
A spokesperson from the bank told TelecomFinance that it would divest of its stake soon, when market conditions were right.
Meanwhile, PT was downgraded by S&P today, from BB+ to BB with a negative outlook.
The incumbent is set to announce its full-year results for 2012 on 28 February.
The other main shareholders in PT are RS Holding with 10.05%, Espirito Santo with 10.04%, Oi with 10%, Norges Bank with 4.96% and UBS with 4.69%.
