FRANCE: Sonae and France Telecom–Orange have entered into a put and call option agreement on 15 February 2013 that will allow France Telecom to divest its entire 20 percent stake in the Portuguese telecom operator, Sonaecom. Sonae, which currently holds a 53.17 percent stake, is already the majority shareholder of Sonaecom.
The call is exercisable by Sonae over the next 18 months and the put will be exercisable by France Telecom during the 3 months following this initial period. They are both exercisable at the same price of 98.9 million euros. The price could be increased to 113.5 million euros if Sonaecom participates in a material transaction (involving Sonaecom or its material assets) that consolidates or restructures the Portuguese telecommunications sector in the 24 months following the signature of the agreement.
This agreement is subject to the confirmation of the Portuguese Securities Commission (CMVM) that no concerted exercise of influence results from this agreement.
This agreement secures France Telecom-Orange’s stated objective of disposing of its minority shareholding in Portugal under terms that allow the Group to benefit from the potential consolidation of the Portuguese telecommunications market.