Altice is facing competition from Isabel dos Santos in its attempt to buy Portugal Telecom.

Quoting a statement published by dos Santos’ Portuguese-registered company Terra Peregrin published by the regulator CMVM, Reuters reports that the daughter of Angola’s president has launched a takeover bid of €1.35 per share, with its success dependent on buying over 50% of the telco’s shares.

Just a week ago, Altice offered €7 billion to Oi for Portugal Telecom, whose only remaining assets following its merger with Oi earlier this year are a 25.7% stake in Oi and €900 million in defaulted debt by the bankrupt company Rioforte.

A spokesman for dos Santos said: “The end objective is the acquisition of a large, but not controlling stake in Oi, allowing to maintain the Portugal Telecom group fully intact”.