Portugal Telecom Gone missing

Where did the value go at Portugal Telecom? The country’s former telecoms incumbent should have been a star, given a hostile bid and investors’ appetite for telecoms stocks. But it hasn’t even kept up with the pack. In fact, it looks like shareholders are going to miss out on E2bn-E3bn. Sonaecom, which has been stalking PT for nearly a year, is about to make its formal bid. Although it will have to nudge up its E9.50 offer to win, it probably won’t have to go much higher than E10. But, in a nor...