Portuguese regulators thwart Altice bid for media company

LISBON, Portugal – Telecoms company Altice has given up its attempt to buy control of Portugal’s Media Capital after failing to win approval for the deal from regulators.

The two companies said in statements to the Lisbon stock exchange Monday they have ended their efforts to pull off the deal worth 440 million euros ($510 million).

The attempted takeover was the latest bid by Netherlands-based Altice N.V. to expand its international cable presence after building operations in the United States and France.

Altice announced an agreement a year ago with Spain’s Prisa to buy a 94.7 per cent stake in the Lisbon company.

Since then, it has repeatedly redrawn its plans to win endorsement from Portugal’s Competition Authority, which said the deal would not protect consumer interests nor ensure market competition.