Shareholders of Portuguese cableco Zon Multimedia have voted their approval of a plan to lift voting rights beyond the current 10% limit, Bloomberg reports. The outcome paves the way for existing shareholders to raise their stakes in the company, whilst reigniting speculation that it could be set to merge with rival operator Sonaecom. Banks Caixa Geral de Depositos and Banco Espirito Santo, which own 10.93% and 2% of Zon respectively, are reportedly being pressed to sell assets to raise capital ratios under Portugal’s bailout programme.
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OVETEL Zon shareholders agree to alter voting rights; is Sonaecom merger back on the table?
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