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Sonaecom denies Zon merger rumours
12 March 2012
Portugese operator Sonaecom is not discussing merger with cable TV company and will develop business alone, says CEO
Portugal’s Sonaecom intends to develop its business independently, and is not discussing a merger with cable TV operator Zon Multimedia.
Ângelo Paupério, CEO of Sonaecom, told Bloomberg: “There is nothing on the table. No negotiations are taking place.”
However, local newspaper Jornal de Negócios reported that Portuguese bank Caixa Geral de Depósitos is looking to sell its 11% stake in cable operator Zon, and may invite proposals from companies — including Sonaecom and Vodafone — for the stake.
“The circumstances have dictated that we go about developing our business in an autonomous way,” said Paupério. He said Sonaecom — subsidiary of Portugese conglomerate Sonae — does not have any unmet financing needs until the end of 2012. GTB
Further reading from Global Telecoms Business:
Cogeco puts Portugal's Cabovisão on sale 25 Nov 2011
France Telecom plans African expansion 02 Sep 2011
France Telecom to sell Orange Switzerland 29 Jul 2011
Portugal Telecom eyes merger with Oi 12 Jul 2011