In Brief

Raising bid price for PT unlikely LISBON – Sonaecom has no plans to raise the price it is offering in its 10,7-billion-euro hostile takeover bid for larger rival Portugal Telecom, the president of its parent company Sonae reiterated late Thursday.

Most analysts and banks have said that Sonaecom, the listed telecoms arm of Portuguese conglomerate Sonae, needs to raise its offer of 9,50 euros per share for its bid, Portugal’s largest-ever takeover attempt, to succeed. But Sonae president Belmiro de Azevedo, Portugal’s richest man, told public television RTP that “something absolutely extraordinary, like finding diamonds or oil under one of Portugal Telecom’s many buildings” would have to happen for Sonaecom to raise its offer.Mutual & Federal sees earnings down JOHANNESBURG – South African short-term insurer Mutual & Federal said on Friday it expected full-year headline earnings per share to fall by as much as 50 per cent, sending its share sharply lower.Mutual & Federal, majority-owned by insurer Old Mutual, said it expected headline EPS and EPS to be 40 to 50 per cent lower than the corresponding period a year ago.It said earnings declined in the 2006 financial year due to lower underwriting profits, reduced returns on listed equities and the payment of a special dividend.S.American leaders at Mercosur summit RIO DE JANEIRO – Leaders of South America’s Mercosur trade bloc began a two-day summit Thursday aimed at achieving better economic integration and calming concerns about Venezuela’s recent entry in the group.Presidents of members Argentina, Brazil, Paraguay and Venezuela were on hand for the meeting, with Uruguay’s leader expected later Thursday.They were joined by associate Mercosur members Bolivia and Chile, and observers Colombia, Ecuador, Surinam and Guyana.Nampa-Reuters-AFPBut Sonae president Belmiro de Azevedo, Portugal’s richest man, told public television RTP that “something absolutely extraordinary, like finding diamonds or oil under one of Portugal Telecom’s many buildings” would have to happen for Sonaecom to raise its offer. Mutual & Federal sees earnings down JOHANNESBURG – South African short-term insurer Mutual & Federal said on Friday it expected full-year headline earnings per share to fall by as much as 50 per cent, sending its share sharply lower.Mutual & Federal, majority-owned by insurer Old Mutual, said it expected headline EPS and EPS to be 40 to 50 per cent lower than the corresponding period a year ago.It said earnings declined in the 2006 financial year due to lower underwriting profits, reduced returns on listed equities and the payment of a special dividend. S.American leaders at Mercosur summit RIO DE JANEIRO – Leaders of South America’s Mercosur trade bloc began a two-day summit Thursday aimed at achieving better economic integration and calming concerns about Venezuela’s recent entry in the group.Presidents of members Argentina, Brazil, Paraguay and Venezuela were on hand for the meeting, with Uruguay’s leader expected later Thursday.They were joined by associate Mercosur members Bolivia and Chile, and observers Colombia, Ecuador, Surinam and Guyana.Nampa-Reuters-AFP