Informal talks have taken place between Portuguese cablenet Zon Multimedia and telco Sonaecom that could lead to a merger between the two companies.
Local reports indicate that no direct talks have taken place, but Económico reported that informal discussions are not only underway, but that shareholders once opposed to a deal now favour a merger.
Soneaecom, the smallest of Portugal’s mobile telephony operators, saw its shares climb to a two year high. Sonaecom deputy chief executive officer Miguel Almeida is quoted as saying that a merger would be good for both sides, but that the company has defended the possibility for a period of two years.
There has been no comment from Zon.
Zon’s biggest shareholder is Angolan investor Isabel dos Santos, who holds a 28.8% stake. Sonae, the Portuguese retailer that controls Sonaecom, last year formed a partnership with dos Santos’s Condis unit to open a chain of hypermarkets in Angola.
