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Anacom’s Opinion is against Sonae’s Tender Offer to PT (Updated)

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The opinion that Anacom delivered last Thursday to the Competition Authority is clearly against Sonae’s takeover bid to PT, considering that the draft competition decision, which it approves, has already given a positive opinion to the operation provided that a set of «remedies» is based on a purely theoretical, unrealizable and uncontrollable model, writes Diário Económico and Jornal de Negócios today. Although the opinion is not binding, it does give a signal to the market about the differing position between the two regulators.

José Amado da Silva explained to Diário Económico that «what we always wanted, in case the decision went forward, was that there were no surprises in terms of our understanding. So, everyone knows what they are counting on. I am, therefore, quite open. I am not unconcerned, because the matter is serious. If the AdC understands that it must listen to us … I want everything to go as smoothly as possible «.

Anacom had already warned that it would still comment on the draft AdC decision, noting that none of the opinions sent to the AdC presented «any final position on the operation».

It is recalled that it is the Competition Authority that will be responsible for the approval of the OPA, but that Anacom will have to implement the «remedies» imposed, as well as decide on the destination of the radio frequencies that Sonaecom currently operates.

On the sidelines of a conference on regulation promoted by the APDC, Amado da Silva underlined precisely that the final decision in the analysis process of the OPA is of the Competition Authority. The official stressed, however, that the fact that a public consultation was opened (as is currently happening at the initiative of the AdC) implies that a final decision on the process has not been taken, otherwise it would not make sense to proceed with the initiative.

«There is a conviction that a sense of decision is never changed, but if so, why would there be a public consultation?», He asks.

The regulator’s president declined to give details about the content of the opinion he sent to the AdC, saying only that summarizing it in a simple agreement or not with the OPA is too reductive.

Editorial Note: The news was updated with comments from the president of the regulator, Amado da Silva.