| FTA-N-More.Net http://www.fta-n-more.net/forum/ | |
| Telefónica wants to buy PT http://www.fta-n-more.net/forum/viewtopic.php?f=8&t=115 |
Page 1 of 1 |
| Author: | Prodigy [ Fri May 21, 2010 10:08 am ] |
| Post subject: | Telefónica wants to buy PT |
Spain's major telco Telefónica is very angry because Portugal's number one telco Portugal Telecom does not want to sell it a stake in its Brazilian subsidiary Vivo. Telefónica's board of directors will force an extraordinary shareholders meeting at PT so they can state their own opinion on this matter. But the Spanish telco has declared it would be more profitable for the Portuguese telco to sell itself to Telefónica rather than just Vivo. Telefónica is PT's main shareholder with 10% of its capital and is offering €5,700 million for Vivo's 30%. "An offer for Portugal Telecom would be uncertain. We don't want to do this although the economy of this operation suggests it would have been more profitable," said Santiago Fernández, financial director at Telefónica. But Portugal Telecom's internal laws are closed to an operation of this type and also the European Union would study the case very closely if Telefónica proposes to buy the whole of Portugal Telecom. Telefónica's financial results of 2009 allow the company to tackle buyout operations like this one because it got a net profit of €1,656 million last year, 2% more than a year before. The telco's revenues grew 1.7% to E13,932 million in that year. However the analysts had hoped for better results. |
|
| Page 1 of 1 | All times are UTC - 5 hours |
| Powered by phpBB® Forum Software © phpBB Group https://www.phpbb.com/ | |