S.A. Telekom passes on Portugal Telecom

JOHANNESBURG, South Africa, May 8 (UPI) -- South Africa's Telekom has decided not to tender a bid for a stake in Portugal Telecom, it was announced Monday.

The development leaves telecom major Sonaecom as the leader in the potential takeover of Portugal Telecom, a major player in the African telecom sector.

Telekom officials did not elaborate on its decision other than by issuing a statement that said it had been approached by Portuguese investors in February and that "nothing came of this and the company does not expect any further developments."