Portuguese SONAE (turnover EUR 406 million during first quarter 2005) hopes to invest EUR 12.5 billion to acquire the long-time operator PT - PORTUGAL TELECOM (turnover EUR 5.96 billion in 2004) and its media affiliate, PTM - PT MULTIMEDIA (turnover EUR 592.5 million in 2004) through two takeover bids. The offer for PT amounts to 9.50 euros per share while that for PTM reaches 9.03 per unit. The Spanish operator considers these bids hostile and well below the real value of the companies.