Angolan, French bids target Portugal Telecom
A battle has started for control of Portugal Telecom, with an Angolan takeover bid countering a French company's offer.
The Lisbon stock exchange on Monday suspended trading in shares of Portugal Telecom SGPS SA after a 1.2 billion euro ($1.5 billion) bid from Terra Peregrin, a Lisbon-based company wholly owned by Isabel dos Santos, a businesswoman and daughter of longtime Angolan President Jose Eduardo dos Santos.
PT is owned by Brazilian operator Oi, which is considering a 7 billion euro debt-free bid for PT made last week by France's Altice. Oi described Terra Peregrin's bid as "inopportune."
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