Sonaecom/PT Juicy prey

Normally hostile bidders’ share prices suffer. When they shoot up, it suggests the predator is in pole position to snap up a juicy prey on the cheap. So it is with Sonaecom, the tiny company circling Portugal Telecom with a E11bn bid. The de Azevedo family, which controls Sonaecom, seems uniquely well positioned to juggle the key issues that will determine this battle: competition, Portuguese national pride, and the need to give a decent deal to shareholders. Look, first, at competition. It mi...