Portugal Telecom shareholders likely to postpone Altice vote again

Portugal Telecom’s shareholder meeting to decide on the sale of Oi to Altice is likely to be suspended for the second time this month, reported Bloomberg.

Portugal Telecom called for a general shareholder meeting on January 12 to decide on Altice’s planned acquisition of the company from Brazilian operator Oi, but voted to suspend the meeting.  

The vote was postponed after opponents of the sale said it would make the merger agreement between Portugal Telecom and Oi invalid. 

“Portugal Telecom shareholders still lack enough information to decide on the sale of these assets,” Pedro Pintassilgo, fund manager at F&C Management, who manages investments in Portuguese stocks, including in Portugal Telecom, told Bloomberg. “I think the meeting will probably be postponed.”

As the largest shareholder in Oi, with a 25.6% stake, Portugal Telecom shareholders will need to approve the deal before it can move forward.

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