Dos Santos abandons Portugal Telecom bid

Dos Santos abandons Portugal Telecom bid

Angolan billionaire Isabel dos Santos has withdrawn her €1.2 billion bid for Portugal Telecom.

The bid was threatening to affect the sale of Portugal Telecom’s Portuguese assets from Brazil’s Oi to telecoms firm Altice, and Dos Santos’ Portuguese company Terra Peregrin, said yesterday that the offer had been withdrawn.

“[The company has] decided to withdraw the offer after careful consideration,” Terra Peregrin said in a statement. The news follows last week’s ruling by Portugal’s market regulator that it must raise the offer price.

Oi and Portugal Telecom merged in April this year and a decision is to be made on the sale to Altice following a shareholder meeting set for January 12, 2015.

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