Bava confident that PT stays in Brazil

Bava confident that PT stays in Brazil

Zeinal Bava today considered «a betrayal» what Telefónica did to Portugal Telecom. While speaking at an event organized by Jornal de Negócios, PT’s CEO argued that the two companies could together «have looked for other alternatives and mechanisms» and stated, once again, that the incumbent Spanish’s offer does not take into account the real value of the Vivo, which the two incumbents control in equal parts and which Telefónica wants to control in full.

The official assures that he is confident that PT’s shareholders will refuse Telefónica’s proposal, when on June 30th they will be called to vote at the General Meeting, scheduled to «listen» to shareholders on the matter.

«I am sure that shareholders will support PT,» says Bava, who is confident that the topic will not be «decisive at the secretariat», commenting on yesterday’s announced sale of Telefónica’s position in PT, as reported by the online channel of Jornal de Negócios.

PT’s management is so convinced of the result of the vote that Bava says he does not have «B plans for anything, not even for PT’s business plan», reacting to a question about maintaining his leadership in the group, should Telefónica’s proposal be accepted by the shareholders.

«My team depends on delivering the results we do to shareholders, and they always have the last word. The decision is theirs», he defends, remembering that it is part of the group’s strategic plan to grow to 100 million customers already in 2011, an objective that presupposes the maintenance of Brazil. .

Bava also ensures that the decision taken by the company’s management, following the Sonaecom takeover bid to maintain its position in Vivo and separate PT Multimédia «was the best decision», although it was not the easiest.

The «easiest option was to stay with PTM», since selling it forced the company to reinforce internal investments, justified the official. A new consolidation scenario with Sonaecom was also ruled out, not least because Zeinal Bava does not believe that the competition authorities would allow it.