The General Assembly (GA) of shareholders of Portugal Telecom (PT) is scheduled for September 8 and has the sole item on the agenda and works to resolve on the terms of the agreement with Brazilian operator Hi.
«The ATM will, by all means in their power, trying to destabilize the business combination between PT and Hi recently known and will be submitted to the next General Assembly,” said Octavio Viana.
This is because the association believes that this business combination “do not safeguard the interests of the shareholders of PT.”
Octavio Viana points out that it “is well known that the shareholders of Hi knew the application PT in the Rioforte commercial paper, which accepted facilitate the merger and thus obtain direct and indirect benefits associated with debt they held with the Brazilian state bank BNDES. “
In addition, the ATM” is convinced that said proposed business combination is not approved by the sovereign decision of the shareholders at the next general assembly “, first because the Hi can not vote.
According to Article 251, paragraph 1, of the Commercial Companies Code, a shareholder may not vote nor yes, nor representative, nor on behalf of another, when in relation to the deliberation of this matter is in a situation of conflict of interest, what happens to the Hi and with parties related to it, he said.
Second, “the remaining shareholders will vote informed and empowered to make a concrete, objective and complete judgment about the proposed business combination, the defense of society and consequementemente, their own interests and free of any pressure. “
The ATM” has the support of capital stock sufficient to move forward with an injunction suspending the decision under Clause 24 PT , No. of Securities Code, which prudence already preparing one, “added Octavio Viana.
In addition, the association is in contact with some American investors, shareholders of Hi, who “were willing to litigate against the administration of Hi for breach of their duty of care”
Lusa with Digital Diary
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