Arab Today, arab today altice shares soar on portugal telecom bid
Last Updated : GMT 06:07:49
Arab Today, arab today
Arab Today, arab today

Altice shares soar on Portugal Telecom bid

Arab Today, arab today

Arab Today, arab today Altice shares soar on Portugal Telecom bid

French group Altice
The Hague - AFP

Shares in Altice, the parent company of French telecoms operator Numericable-SFR, soared nearly eight percent in trading Monday after announcing it was in exclusive negotiations to buy Portugal Telecom.
The ebullience belied some analysts' concerns that Altice -- a Luxembourg-incorporated group listed on Amsterdam's stock market and run by Franco-Israeli billionaire Patrick Drahi -- was on a giddy buying spree.
Earlier this year, it won a 13.4-billion-euro ($16.7-billion) bidding war for control of France's number-two mobile phone operator SFR, and last week was given the green light to make an offer for number-four operator Virgin Mobile. Previously, it was reportedly sniffing around the number-three operator, Bouygues Telecom.
"Some are asking whether Altice has eyes bigger than its stomach, but Portugal Telecom is a low-risk acquisition," Peter Boyland, analyst at IHS Technology, told AFP.
The Portuguese operator "has a good client base in a stable market, while the sector is showing the first cautious signs of economic upturn".
Altice is offering 7.4 billion euros to take Portugal Telecom off the hands of current owner, Brazil's Oi mobile phone company.
That trumped a rival offer of just over seven billion euros from investment funds Apax and Bain Capital.
Meanwhile, Isabel dos Santos -- an Angola businesswoman and daughter of the country's president -- launched a separate bid to buy the holding company of Portugal Telecom which in turn owns about a quarter of Oi.
Her bid of 1.35 euros per share values Portugal Telecom at 1.2 billion euros, and was dismissed by Brazil's Oi as "unacceptable" and "ill-timed".
Joost Vespers, an analyst for the Dutch bank Theodoor Gilissen, underlined the "synergies" in the Altice deal given that it already has a foothold in Portugal where in 2012 it bought the Portuguese cable operator Cabovisao and in 2013 Oni, telecommunications provider for businesses.
However, analysts at ING, who considered it a good offer, said in a note that regulators might force Altice to sell its current activities in Portugal.
Late Sunday, Altice said it was in exclusive negotiations for Portugal Telecom. On Monday, its shares on the Amsterdam market jumped 7.97 percent to close at 58.41 euros.
Altice and Portugal Telecom have three months to reach an accord on the details of the deal, Brazil's Oi said in a statement.
Altice's spending spree last month prompted credit ratings agency Standard & Poor's to downgrade the company's outlook from stable to negative, though its B3 longterm rating was maintained.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today altice shares soar on portugal telecom bid Arab Today, arab today altice shares soar on portugal telecom bid

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today altice shares soar on portugal telecom bid Arab Today, arab today altice shares soar on portugal telecom bid

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday