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LISBON, Portugal (AP) - Portugal Telecom shares soared more than 18 percent to close at a new high Tuesday after Portuguese conglomerate Sonae made a 10.7 billion euros ($12.8 billion) takeover bid — suggesting the former state monopoly may draw larger offers.
Sonae said late Monday it would pay 9.50 euros ($11.38) a share in a cash offer that is the biggest-ever takeover bid on the Lisbon Stock Exchange. Portugal Telecom shares, which had closed at 8.80 euros ($10.50) on Monday, climbed to 9.69 euros ($11.59) Tuesday.
Analysts anticipated that Sonae's unsolicited offer for Portugal Telecom, which is four times larger than its unexpected suitor by market capitalization, could tempt bigger rivals — especially foreign telecommunications companies — to make counterbids.
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