Portugal Telecom
N 38° 43.886 W 009° 08.758
29S E 487312 N 4286984
Portugal Telecom (Euronext: PTC, NYSE: PT) is the biggest telecommunications operator in Portugal.
Waymark Code: WMVGR
Location: Portugal
Date Posted: 10/17/2006
Views: 60
It operates mainly in Portugal and Brasil. It also has a very important presence in Morocco, Guinea-Bissau, Cape Verde, Mozambique, Timor-Leste, Angola, Kenya, the People's Republic of China, and São Tomé and Príncipe.
Portugal Telecom was the only telephone operator in Portugal, being a monopoly, until 1994, when the government gradually retired its control over the corporation and in 2000 Portugal Telecom became a publicly owned company. Since then, it has held a dominant position in the liberalized Portuguese market.
Due to its large market share, Portugal Telecom is still considered a de-facto monopoly in fixed telephony in Portugal.
In early 2006, Sonae made a takeover offer over Portugal Telecom. In April the European Commission gave an ultimatum to the Portuguese Government ordering it to give up on the 500 golden shares pack that it still owns on the company and that enable special veto powers to the government on vital issues.
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