The shareholders meeting of Portugal Telecom on 12 January was suspended and rescheduled for 22 January. The decision came after the company's major shareholders, including Novo Banco, Ongoing and Telemar, expressed this request. With the application for suspension, the shareholders aim to get additional information, including legal opinions on the EUR 7.4 billion merger between Oi and Portugal Telecom.
The meeting was scheduled to vote on Oi's proposed sale of PT Portugal to Altice. The unions of PT Portugal consider the postponement a "half victory", as it opens the possibility of the merger with Oi to be cancelled, Publico reports. For its part, the Brazilian operator said it supports the decision by shareholders.
Also on 12 January, the Securities Market Commission (CMVM) decided to lift the suspension of trading of shares of Portugal Telecom. The decision to suspend trading was taken 9 January pending the disclosure of further information by Portugal Telecom to shareholders ahead of the meeting. The operator said it sent a draft of the additional information to the CMVM on 10 January and plans to release the information within the week, pending approval from the regulator.
The President of Portugal Telecom said he expects a reversal of the merger between the Portuguese company and Oi would be very difficult, since a capital increase has already taken place, reports Lusa. "Any scenario is possible, but we took part in the capital increase of Oi, which includes part in cash, part in shares, including by foreign shareholders. Therefore, the reversal of the capital increase, which is already registered, would be faced with immense difficulties," said Joao Mello Franco. He also confirmed that the management of PT SGPS will provide information on the impact of a possible cancellation of the merger with Oi.
