PT minority shareholders in bid to block sale to Altice

Despite the fact that Portugal Telecom sold last week to French operator Altice for the “knockdown price” of €7.4 billion – most of which will go to Brazilian telecommunications company Oi – minority shareholders are still trying to block the deal, which has seen so much value stripped from the once buoyant shares.

According to Negócios Online this morning, ATM, the association of minority shareholders, is supporting an embargo that not only seeks to overturn the decision of the general assembly but also of the assembly held a week before (January 12).

ATM’s objective, it explained in a communiqué, is to initiate a “negotiation process” that will defend their members’ interests, as well as those of PT’s workers and stakeholders.

ATM is hoping that the negotiation process could lead to PT’s SGPS (corporate structure) retaining 20% control in the company.

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