Ex-Ante.

Ex-Ante. “It’s said that everything has a price, less the honor,” shot the President of Banco Espirito Santo Mister Ricardo Salgado. I can only support him with a very portuguese expression in relation to the neighboring Spain, - “Nem bom vento, nem bom casamento…” This had a deep root in the history of Portugal. Where the one marriage which “nothing to see” with EU or the IAA, but which however, ends all the same. Cutting short, - the “poor dweller” flew out of 15th floor… It’s similar to the position of “our” i.e. UK’s bankers in respect of the proposal to introduce a bank levy to fund a simple European resolution fund. With which I simply agree. Just like a small remainder to myself that every man, including me, should always wrest with himself in the sense of obligation/s. Personally, I ‘prey’ do everything I can to principle promise and maintain my commitments. Partly it is because of worry; partly it’s because of quilt. However, the last one I should a double-check closely. This bla-bla-bla nonetheless, has a lot of similarities with the 1939 and with 1993. The “Year” of my “private war”. The very regular year similar of the “Tony здравствуй”. Pass a little bit further from the communications to the banking sector. Well, the analyst may predict a “company” earnings and than compare its actual earnings to gauge the accuracy of his predictions. The alike the British bankers are talking. Will I be looking a bit resented if I remaind you about the eight percent (8%) in one trillion euros “phony war”? I don’t know. You tell me.

"Blackmail Telefónica about PT is unacceptable". 26/05/10 07:32. PT does not accept the threat of Telefónica to force the Portuguese company to sell its position to 50% holding in Vivo Brazil, in partnership with the Spaniards. In response to Santiago Valbuena, Telefónica's financial administrator, chief executive of PT, Zeinal Bava, states that "the blackmail [Telefónica] on the distribution of dividends in Vivo's not intimidating and is unacceptable." The war is thus formally opened between the two companies, partners in equal shares in the Brazilian operator Vivo. Yesterday, quoted by Financial Times, Valbuena admitted the possibility of launching a hostile bid on the entire share capital of PT if the proposal to purchase 50% of Vivo, 5.7 billion euros, was rejected by the administration. But it went further: he put on the table the possibility of Telefónica block the distribution of dividends to its shareholders of Vivo, read to the very Telefónica and PT. The problem is that the weight of dividends Vivo, 111 million for each company against the results of 2009, is more significant than for PT for the Spanish company. This declaration of war Telefónica shows, first, that the Spaniards no longer believe in the possibility of the administration of PT change its mind about the offer for 50% of Brasilcel, a company that controls Vivo. And shows, secondly, that the desire to bring this offer to the general meeting will have no statutory provision, as, indeed, the Economic Daily has revealed. Telefonica, which is in international road-show, went to another stage of pressure on the Portuguese company. Zeinal Bava's response was immediate. In New York, on the edge of a road show of Portuguese firms on Wall Street, Zeinal found that "blackmail Telefónica is unacceptable." And responded to the letter. Valbuena, who is one of the directors of Telefónica's board PT, should resign. "For the sake of consistency, after declarations that the financial manager (CFO) of Telefónica has done, left to resign from the board of PT, because it is missing with his duties of loyalty to PT and have conflicts interest ". Valbuena said, bluntly, that Telefonica is "unhappy" with the marriage he has with PT. The Spanish company, it is recalled, has 10% of PT and share with the Portuguese firm control of Vivo, the largest mobile operator in Brazil, with more than 55 million customers. Telefonica wants to force this business to ensure the integration of Live with Telesp, the fixed network company that controls the Brazilian market. Zeinal Bava ensures that the rejection of the bid of Telefónica - in effect along these lines until next June 6, "it was a unanimous decision of [the administration] and is an uncompromising defense of the interests of PT and our focus on creating shareholder value. Also present at the road show of Portuguese companies, Ricardo Salgado implicitly confirmed these assertions Zeinal Bava. The President of the BES, bank shareholder in PT, admitted the possibility of Telefónica launch a hostile takeover, but secured that PT can not want to sell its stake in Vivo. "It's said that everything has a price, less the honor," shot the President of BES. Ricardo Salgado acknowledged that the marriage of convenience between PT and Telefonica can not afford to stay - after the offer from Spanish company at a time that Salgado considers the fragility of Portugal's financial point of view - and you need to find a workaround. "We admit the possibility of PT acquire 50% stake that Telefonica has in Vivo, but the Spaniards did not want to sell," he said.