The Portugal Telecom group is working on the sale of the Portuguese assets of Grupo Oi to Altice for a value of approximately 7,4 billion euros. The shareholders' meeting, in fact, will be held, as scheduled, on January 12th and will have to approve the sale operation.
For Portugal Telecom Sgps, which is the main shareholder of Oi with a 25,6% stake, it is a rather special moment: yesterday, in fact, the Portugal Telecom share sank by about 10% in Lisbon, dragged down by searches ordered by the prosecution as part of an investigation with the hypothesis of fraud and by fears of postponement of the assembly.
According to analysts, the sale of Portuguese assets would give Grupo Oi greater financial flexibility, especially useful for launching an offer for Telecom Italia's stake in the subsidiary Tim Brasil.
