French telecom company Altice SA reported over the weekend that the race to control Portugal Telecom is over as PT's Brazilan owners had agreed to 'exclusive talks' over the detail of the Altice €7.4 billion offer.
This exclusivity agreement ends the race for Isabel dos Santos, businesswoman and daughter of Angola’s dictator, who has been left at the altar, as have been the private equity bidders Apax Partners and Bain Capital which had hoped to make a killing on the upside when PT is sorted out and ready for resale.