Portugal Telecom's dangerous pigheadedness

The Spanish telecommunications company Telefónica is trying to buy shares in Brazilian mobile telephone market leader Vivo from Portugal Telecom (PT). The PT management wants to prevent the sale and is endangering its own company's future, writes the conservative daily ABC: "Telefónica has acted in accordance with the law and has fulfilled its duty of increasing the company's value for its shareholders. It's just a few days until this chapter in the history of telecommunications is closed. The law of the market dictates that this offer should be accepted. And common sense dictates that the management of Portugal Telecom should be more than happy with what it has achieved so far. With its stubbornness it runs the risk of bringing PT into a dangerous situation."

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