Short update Portugal Telecom /OI: Sale of 6.1% stake by Caixa Geral
In my first post on the PTC/OI merger I wrote among others the following:
For some PTC shareholders, the problem might be that the suddenly do not hold a Portuguese/European stock but a Brazilian one. According to the official announcement, the new stock will be listed in Brazil, US and on NYSE Euronext, so technically it should be not a problem for shareholders.
Today, Government owned Portuguese Bank Caixa Geral, which owns 6.1% in PTC announced to sell their stake:
Oct 24 (Reuters) – Portugal’s state-owned bank Caixa Geral de Depositos will sell its outstanding 6.11 percent stake in Portugal Telecom in a private sale as part of plans to sell non-core assets, the bank said on Thursday.
The sale of 54.77 million shares will be carried out via an accelerated bookbuilding process aimed at certain investors.
I am not sure if they wanted to sell anyway or if they have issues to hold a Brazilian stock, but in either case I think such a sale provides a good opportunity.
The stock has been currently suspended from trading, but I will try to increase my 0.5% stake to 1% today.