Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
LISBON, Portugal (AP) — Portugal Telecom shareholders have approved the sale of the company's Portuguese assets to France's Altice for 7.4 billion euros ($8.4 billion).
Portugal Telecom SGPS, SA said the sale was endorsed at a shareholder meeting Thursday.
PT merged with Brazil's Oi last year, with the Portuguese company holding a 25 percent stake in the new group. Oi wanted to pay down debt by selling the Portuguese assets it acquired in the merger.
Relations between Oi and PT have soured since the merger. Oi said it was not informed about a 900 million euros loan PT made to a company that went bankrupt.
PT has also locked horns with Portuguese regulators who briefly suspended trading in PT shares earlier this month, complaining the company had failed to disclose key information.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.