LISBON, Dec 12 (Reuters) - Portugal Telecom SGPS (PT SGPS) has called a general shareholder meeting on Jan. 12 to vote on telecoms group Altice’s planned acquisition of Portuguese operations from Brazil’s Oi for 7.4 billion euros ($9.2 billion).
The holding company PT SGPS is the largest shareholder in Oi with a 25.6 percent stake and the deal to sell the assets that had belonged to PT and were incorporated into Oi after their merger this year depends on the approval by its shareholders.
PT SGPS said in a statement issued late on Thursday that the sole item on the meeting agenda would be “to analyse, under the proposal of Oi, the sale of the whole share capital of PT Portugal to Altice and to deliberate on its approval”.
PT SGPS now has no assets other than the stake in Oi and 900 million euros in defaulted debt by a bankrupt holding company of the Espirito Santo family.
Lisbon-listed PT SGPS is itself the target of a 1.2 billion-euro takeover offer by Angolan billionaire businesswoman and opponent of the Altice deal, Isabel dos Santos.
A key condition of her offer is that the sale of Portuguese assets does not go ahead. The PT SGPS board has said, however, the price offered by dos Santos is too low.
$1 = 0.8069 euros Reporting by Andrei Khalip; Editing by Mark Potter