LISBON--Portugal Telecom SGPS SA on Monday postponed a
shareholders' meeting to vote on the sale of its operating unit to
France's Altice SA after the markets' regulator said holders lacked
information on the deal.
The regulator, CMVM, said last week that it had asked Portugal
Telecom several times since Dec. 22 to provide more details about
Monday's meeting to approve the sale but hadn't received a
response.
Portugal Telecom is in the process of merging with Brazilian
phone company Oi SA. The combined group is planning to sell its
operations in Portugal to Luxembourg-based Altice for 7.4 billion
euros ($8.7 billion.)
Portugal Telecom said in a statement earlier Monday that it
would release more information to the market sometime this week,
adding that as a result, shareholders could decide to postpone
Monday's meeting.
The holders later voted on the postponement to Jan. 22.
Portugal Telecom shares have been halted from trading since
Friday.
Write to Patricia Kowsmann at patricia.kowsmann@wsj.com
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