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PT AGM chairman says Oi-PT merger deal 'invalid'

2015-01-12 09:11:00| Telecompaper Headlines

(Telecompaper) The chairman of Portugal Telecom's shareholder assembly has proposed the board cancel the 12 January vote to approve the sale of the company's Portuguese assets by merger partner Oi, arguing that the merger has become invalid. In a letter to which Reuters had access, Antonio Menezes Cordeiro said that a new shareholder meeting should then be called with two points on the agenda: to either end the merger with the Brazilian company or approve the sale of assets to telecommunications group Altice. He said the fact that Oi agreed to sell the assets means the merger agreement is no longer valid. Portuguese stock market regulator CMVM suspended the trading of Portugal Telecom SGPS shares on 9 January. The share price has fluctuated significantly in recent days, as a result of uncertainties over the shareholder meeting. The CMVM said it sent an official letter to the PT board of directors, with a copy to the chairman of the shareholders meeting, requesting further information.

Tags: deal chairman invalid merger

Chesapeake accused of not paying for gas it produced from invalid leases

2014-11-20 16:07:27| Oil & Gas - Topix.net

Chesapeake Energy is facing a possible class-action lawsuit, which claims it has cheated North Texas landowners of at least $100 million by pumping gas from properties that had gone through foreclosure, invalidating the oil and gas leases. Chesapeake continued to tap reserves beneath the various properties in Johnson and Tarrant counties even after the Oklahoma City-based energy giant discovered it had troubled leases following the economic downturn in 2008, choosing instead to "ignore the problem," the lawsuit asserts.

Tags: produced gas paying invalid