One of Europe's biggest takeover battles is expected to kick off this week when Portugal Telecom , the country's dominant carrier, receives a $14bn hostile bid from Sonae after more than 12 months of wrangling with regulators.
The approach will underline the strength of mergers and acquisition activity, which last year reached a record $4,000bn, and could result in one of the largest telecoms deals of the year.
The country's largest privately-owned group formally submitted its offer prospectus to the Portuguese stock market regulator on December 29.
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