Four of Iberia’s largest firms – Garrigues, Cuatrecasas, PLMJ and Vieira de Almeida & Associados – are being lined up to defend Portugal Telecom from a €10.7bn (£7.3bn) unsolicited bid from Sonae.
A successful deal would represent the largest-ever merger by deal value in the Portuguese market and has also prompted speculation that other major European companies, including Banco Espirito Santo and Spanish giant Telefonica, will table rival bids.
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