Who wants PT?

So France Telecom has apparently joined with a Spanish bank and a prominent Portuguese businessman to bid for Portugal Telecom. It's a nice set-up, which defeats the "Portuguese ownership / golden share" argument and seeks to shut out Telefonica of Spain.

There's certainly plenty of value to be extracted, given the ex-monopoly power wielded shamelessly and the inertia in PT's customer base.

Of course BES may react, to make things even more interesting, though they will need to find a partner with cash. We shall see...