** Shares in Portuguese conglomerate Semapa fall 3.5 pct with traders citing its plan to join a 7.1 bln euro bid made by funds Apax and Bain for Portugal Telecom's operating assets.
** Meanwhile, shares in recently privatised postal service CTT jump 5.5 pct as company denies any joint bid for PT Portugal with the funds, following a recent fall on market talk that it may try to buy PT Portugal.
** Traders cite the bid as a complex operation and causing uncertainty for any local company on operating level.
** Semapa says it may take a 5-10 pct stake in investment to buy PT Portugal from Brazil's Oi.
** In a statement, CTT denies media reports of joint bidding, but reiterates that it continues to study the possibility of various business agreements with potential partners in the telecommunications area, including PT Portugal or its potential buyers. (Reuters messaging rm://email@example.com)