UPDATE 1-ZON shareholders abandon voting limit

* Angolan investor could take bigger stake

* Shares rise 2 percent (Updates with comment, background)

LISBON Jan 30 (Reuters) - Shareholders in Portuguese-pay TV provider Zon Multimedia have abandoned limits on voting rights, opening the way for investors to increase their stakes and raising the chances of a merger deal.

"Clearly, this decision makes the shares more attractive," said Joaquim Oliveira, Zon's sixth largest shareholder with a stake of 4.84 percent.

The end of the current 10 percent limit was approved by 93 percent of those attending a shareholder assembly on Monday.

Shares in Zon were 2.11 percent higher, sharply outperforming the Lisbon PSI20 index which slumped 1.3 percent on growing concerns heavily indebted Portugal may need more funding on top of its 78 billion-euro bailout.

Shares in Zon have risen 22 percent since Dec. 23, when the proposal to dump the voter cap was first presented.

Analysts said the move could open the way for Angolan investor Isabel dos Santos, the daughter of Angola's president, to boost her 10 percent holding in Zon.

Such a move could lead to a merger with Sonaecom, Portugal's fourth-largest mobile operator.

"This large vote shows that shareholders are interested in allowing one of its shareholders to boost their stake or to allow for the entry of another, larger shareholder," said Guido Santos, an analyst at Caixa Banco de Investimento.

The proposal to lift Zon's voting cap was first made by state-run bank Caixa Geral de Depositos, Zon's largest shareholder with a 10.8 percent stake, and second-largest holder Espirito Santo with a combined holding of 10 percent. (Reporting By Filipe Alves, writing by Axel Bugge; Editing by David Cowell)