Did we say final?

Sonaecom’s ruling de Azevedo family blinked first. Despite warning for months that they would not raise their E9.50 a share offer for Portugal Telecom, the owners of the rival Portuguese telecoms group have now done just that. They have jacked up their offer to E10.50. In the macho world of hostile takeovers, this may look like a climbdown, and it is. But it is not an irrational one. It has certainly not done Sonaecom’s share price any harm. The group may have raised its PT offer by 11%, but its...