Angolan President’s Daughter Offers to Buy Portugal Telecom

Isabel dos Santos, the daughter of Angola’s president, made a 1.2 billion-euro ($1.5 billion) bid for Portugal Telecom SGPS SA, the holding company that owns a minority stake in the carrier created from a merger with Brazilian telecommunications carrier Oi SA.

Dos Santos, an investor in Portugal Telecom rival Nos SGPS SA, is offering 1.35 euros a share through Lisbon-based Terra Peregrin-Participacoes SGPS SA, 11 percent more than the stock’s Nov. 7 close, according to a filing yesterday. Conditions include an acceptance level of more than 50 percent and no major changes such as a sale of strategic assets. Portugal Telecom rose as much as 15 percent in Lisbon.