Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Sonaecom Offer to Buy Back Free-Float Shares Following Merger

Oct. 30 (Bloomberg) -- Sonaecom SGPS SA offered to buy back as much as 24.2 percent of its stock, eliminating its free float, after it completed the merger of its mobile phone unit Optimus with a cable operator in Portugal.

Sonaecom is bidding as much as 216.8 million euros, the equivalent of 2.45 euros apiece for 88.5 million shares. Investors accepting the offer will receive shares in Zon Optimus SGPS, the telecommunications company formed by the merger, Sonaecom said in a regulatory filing yesterday.

The offer would remove from the market all the Sonaecom shares not controlled by parent company Sonae SGPS SA, Portugal’s biggest food retailer in terms of domestic sales, or by Sonae-affiliated companies and investors. Those shareholders own 74.3 percent of Sonaecom stock, and the remaining 1.5 percent is held by Sonaecom as treasury shares.

Optimus entered Portugal’s mobile market in 1998, grabbing a 19 percent of the market from Portugal Telecom SGPS SA and Vodafone Group Plc before Sonaecom’s 2000 IPO. It was never able to catch up with either of its larger competitors.

Sonaecom in August completed the merger of Optimus with what was formerly known as Zon Multimedia SGPS SA, the country’s biggest cable-television provider. Zon Optimus competes against Portugal Telecom and Vodafone for cable-television, Internet and telephone clients in Portugal.

Sonaecom rose 2.2 percent to close at 2.29 euros before the announcement in Lisbon yesterday. The shares have climbed 54 percent this year through yesterday’s close.

To contact the reporter on this story: Henrique Almeida in Lisbon at

To contact the editor responsible for this story: Jerrold Colten at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.