Shares of Portugal Telecom soared more than 12 percent on Monday in reaction to a takeover bid valued at 1.2 billion euros from an Angolan businesswoman and daughter of the country's president.
In her takeover bid announced late on Sunday Isabel Dos Santos offered totalling 1.2 billion euros ($1.5 billion), or 1.35 euros per share, for PT SGPS holding, which has a 25.6 percent stake in Brazilian telecommunications operator Oi.
The move would disrupt the ongoing merger of Portugal Telecom with Oi, and on Monday the Brazilian company issued a statement calling the Angolan offer "ill-timed".
The move by Dos Santos could also wrong foot a bid by Altice, parent company of French cable operator Numericable, to acquire most of Portugal Telecom. On November 3 made an offer of 7.025 billion euros to Oi for most of the Portugese operator.
Portugal's historic telecommunications operator has been targeted since October by several potential buyers, including the Portuguese telecoms group NOS, in which Dos Santos is a shareholder.
After soaring more than 12 percent at one point, Portugal Telecom shares stood up 9.9 percent in afternoon trading at 1.67 euros, helping push the Lisbon market up 1.7 percent to 5,229.29 points.