In 1998 PT bought Telesp Celular, already in alliance with Telefónica. This was the first step leading to the birth of Vivo, whose participation has triggered a tug-of-iron between management and shareholders of PT with the state and the entrance to the capital of Hi.
“The biggest financial transaction in the history of Portugal.” This is how Henry Grenadier, president of the management of Portugal Telecom at the time, called the sale of the stake in Vivo to Telefonica, and the consequent entry in PT Hi and Brazilian operator PT.
The entrance PT in Brazil dates back to 1998, the year bought Brazil’s largest mobile operator Telesp Celular, already in partnership with Spain’s Telefonica. Incidentally, this was the first step towards the creation of Vivo, which would trigger a trial of iron between management and shareholders of the operator and the government.
The sale of the stake of Vivo, which is now being investigated by prosecutors, was completed on 28 July 2010. But had some obstacles along the way, who took sleep a few nights to Henry Grenadier and Zeinal Bava, at the time CEO of PT.
The starting point was given to May 11 of that year, when Telefónica announced that it had offered 5700 million by 50% to PT owned mobile operator Vivo, and revised then High the proposal for 6.5 billion euros
An offer that divided opinion:. on the one hand was the administration of PT aligned with shareholders, including Ricardo Salgado in atura CEO of BES, the main shareholder of the operator. On the other side was the government, then led by Jose Socrates, who spoke out against this business, it implies the output of the PT in Brazil, having even given guidelines to CGD, PT shareholder in height with 8% of the capital to vote against . business
The opinion of the Executive had weight because of the “golden share.” – golden shares which confer special rights to the State in the company
In fact, the use of this asset by the State at the general meeting of 30 June was one of the business barriers.
Although the majority of PT shareholders present (74%) have voted in favor of Telefónica’s offer, that on the eve of the general meeting again increased the bid value to 7.15 billion euros, the State chose to use the “golden share” to veto the deal, after having Telefónica extended the offer period.
Former -First Minister was against the operation considering that PT’s strategy in Brazil gave size and scale to the Portuguese operator and guarantee the existence in Portugal of a company with an international dimension that would allow developing industrial projects, engineering and innovation.
So, after the veto, the shareholders and the management of PT, at the time headed by Zeinal Bava, Henrique Grenadier and Pacheco de Melo (financial manager) had to find a solution to overcome the barriers imposed by the state.
The entrance to the PT in Brazil Hi (with a share of 23%) and Hi PT (with a share of 10%) was the solution and unanimously approved by the board of directors of the Portuguese operator July 28.
PT thus sold the stake in Vivo to Telefonica for 7.5 billion euros, and used part of this plug to enter the capital of Hi by 3.75 billion euros.
“We announced the sale of Vivo, of course, with some nostalgia of someone who devoted many hours of management work to that asset, but also with a very clear sense of mission accomplished,” he said that day Zeinal Bava . “Vivo is the past and the Hi is the future,” he added.
The future would lead to the announcement on 2 October 2013, the merger entity PT and Hi. This process which would lead to the birth of a “root telecommunications operator Lusophone leader”, would be completed in the first half of 2014. However, it has undergone several changes along the way.
The initial idea was to create synergies between the owner the Meo and Hi through the creation of Corpco, an entity that would group the actions of both companies. However, June is known to apply 897 million in commercial paper of Rioforte, now the Holy Spirit Group, which was to win in the month following, without being paid.
This failure forced the renegotiation of the terms of the business combination and the signing of a new memorandum providing for the reduction in the share of PT SGPS from 37% to 25.6%, remaining with the call option the remaining 12% over the next six years.
On the way was made the sale to Altice PT Portugal, which passed to the assets of Hi in the capital increase, thus ending the objective of creation of “large Portuguese-speaking operator.”
The sale of PT Portugal to Altice also gave rise to another process, this time related to Hernâni Vaz Antunes, right arm Armando Pereira, current “chairman” of PT Portugal and shareholder Altice.
Hernani Vaz Antunes, which bills itself as the intermediary between the business and the Altice Hi, claimed to be entitled to 1% (€ 70 million) from the sale, and even advanced with an injunction to arrest the value of the sale of PT Portugal through the Hi Altice, as the Express reported. However, according to the same newspaper, the court gave no reason to Portuguese businessman.
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