CORRECTED-UPDATE 1-PT says its shareholders to decide on PT Portugal sale by Oi

viernes 5 de diciembre de 2014 13:47 GYT

(Corrects paragraph 12 to say Morningstar is research firm, not brokers)

By Sergio Goncalves and Andrei Khalip

LISBON Dec 5 (Reuters) - Telecoms group Altice's plan to buy the Portuguese operations of Brazil's Oi for 7.4 billion euros ($9 billion) depends on winning the backing of shareholders in Portugal Telecom SGPS, the holding company which owns 25.6 percent of Oi, a spokesman for Portugal Telecom said.

Lisbon-listed Portugal Telecom SGPS (PT SGPS) is the target of a 1.2 billion-euro ($1.48 billion) takeover offer by Angolan billionaire businesswoman and opponent of the Oi sale, Isabel dos Santos. Her company Terra Peregrin is offering shareholders in PT SGPS 1.35 euros a share on condition that the Altice deal does not go through.

A spokesman for PT SGPS said that the board of Oi is likely to approve the sale of the PT Portugal business to Altice later on Friday.

However, PT SGPS's shareholding in Oi gives it a right of veto over such strategic decisions.

But the spokesman said that since PT SGPS management cannot take strategic decisions due to Portuguese takeover rules, the company will have to call a shareholder meeting "to approve, or not, the sale of PT Portugal".

"The shareholders are sovereign," the spokesman said. "Oi has to present to PT SGPS a justification of the sale of PT Portugal ... come up with arguments for the valuation of the shareholding in Oi, including by PT SGPS," he said.

The approval of the sale will require a two-thirds majority, and that may be hard to muster.   Continuación...