Stocks News Europe: Sonaecom slides on free-float cut, withdrawal from index
21/02/2014 11:00
Shares in telecoms firm Sonaecom SNC.LS slide over 7 percent as the stock is about to be withdrawn from Portugal's main stock index PSI20 .PSI20 after a buyout of the bulk of its remaining free float as part of its merger with Zon. "Today is the last day of Sonaecom being traded on PSI20, hence the fall. The investors who did not sell under the offer prefer to get out of their positions as the stocks lose a lot of lustre," says Goncalo Salvado, an analyst at Dif Broker. Sonaecom has reduced the free float to just 9.2 percent from 22 percent of the capital, mostly by exchanging the shares for stock in Zonoptimus ZONOP.LS - the company resulting from the merger between Zon and Sonaecom's Optimus unit. Zonoptimus shares are 1.4 percent lower, underperforming the PSI20, which is up 0.3 percent. daniel.alvarenga.thomsonreuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS