Move follows competition authority criticism
Portugal Telecom has sold its outstanding 8.3% stake in PT Multimedia, which controls more than 80% of Portugal’s cable and satellite TV biz.
PT spun off the unit on Nov. 7, but it has been criticized by the European Commission and the Portuguese competition authority for not actually giving up control as both companies share core shareholders.
The telco hopes that by selling the stake it will quell this criticism.
One third of PTM stock is held by Portuguese banks, including CGD with 15% and BES with 9%. The banks are also leading shareholders in PT and strategic partners.
Another local bank, BPI, purchased 7.8 million PTM shares during the spinoff and holds a 7.75% stake.