Vodafone Portugal opposes Sonae bid for PT

Portugal Telecom received welcome news from competitor Vodafone Portugal today as it defends itself from a $12.8 billion hostile takeover from Sonae. PT considers the bid hostile since it greatly undervalues the worth of its business, which includes the country's only fixed-line network. Vodafone entered the Portuguese market in 1992 where it has grown to become the second-largest carrier in that country. Vodafone wholly owns its Portuguese unit, which boasts 3.9 million subscribers and claims 100 percent coverage. The carriers' 3G network reached 72 percent of the population in June of last year.

For more on the Sonae bid for PT:
- see this article from cbronline.com