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D-day for the future of PT

تتوقع الحكومة 300 مليون من صندوق التقاعد PT

The meeting that was to decide Portugal Telecom’s verdict on Telefónica’s proposal to buy the Portuguese company’s position in Vivo took place yesterday morning. The meeting came to an end, however, without a decision and passed today, the deadline for the Spanish proposal, which provides for the payment of 7.15 billion euros for the Portuguese position in the Brazilian operator.

According to information provided by Diário Económico, which cites sources close to the process, PT’s management is not likely to approve the sale of Vivo against the will of the State and in yesterday’s meeting, the reaffirmation of the opposition of Caixa Geral de Depósitos to the deal, it will have made it clear that the state maintains the veto.

The same source adds that, for this reason, yesterday’s meeting of the board of directors of Portugal Telecom was tense and was marked by divergent positions of the different members.

A new meeting of PT’s board of directors is scheduled for today at 5 pm and if some information is likely to make an agreement impossible, others suggest an imminent agreement that satisfies the various interests at stake. In the case of the State, the main interest will be in ensuring that PT does not leave Brazil. Thus, and as has been mentioned in recent days, the agreement may involve the sale of only part of the Portuguese position in the operator, or other models.

On a decisive day for the future of Vivo and PT itself, which with the business will lose more than half of its customers and an important source of revenue and growth, review the key moments of recent times:

July 16 – Deadline for the validity of Telefónica’s offer, which is willing to offer 7.15 billion euros for PT’s position in Vivo.

July 8 – Confirming what was already expected, the European Court of Justice considered the state’s golden share in Vivo unjustified

June 30 – Telefónica extends the term of the offer to purchase Vivo’s position until July 16.

June 30 – The State vetoes the deal, against the will of the majority of shareholders, at the General Meeting scheduled by PT to hear shareholders about the purchase of the position in Vivo.

June 29 – Telefónica reviews high offer for PT’s position in Vivo, to 7.15 billion euros

June 1 – Telefónica increases offer to Vivo to 6.5 billion euros.

May 11 – PT informs the CMVM of the refusal of a € 5.7 billion proposal by Telefónica to buy its position in Vivo.