Zon-Sonaecom merger seen easier after shareholder changes

VILA NOVA DE GAIA, Portugal, Sept 21 (Reuters) - A merger between Portuguese telecom operators Zon Multimedia and Sonaecom would create value and is now more likely after Angola's Isabel dos Santos increased her stake in Zon to almost 30 percent, Sonaecom deputy CEO said on Friday.

Market experts have long argued that four telecom operators in a mature market and recession-hit economy like Portugal are at least one too many.

"A merger between Sonaecom and Zon makes sense. We believe it is an operation which would generate value for the market and shareholders and would create a more complete and stronger operator," Sonaecom's Miguel Almeida said.

Zon and telecoms group Sonaecom are seen as the most likely candidates to form a joint outfit, thanks to the sizeable synergy savings and the advantages of jointly competing against former monopoly Portugal Telecom.

"A new set of conditions is gathered which may help the merger happen. They have nothing to do with the merits of the operation which remain the same, they have to do with the changes in shareholder structure," Almeida said.

"A year ago Zon's structure was completely fragmented, the largest shareholder had 10 percent, not it has 30 percent and the dynamics are completely different as can be the decision-making process," he said.

Angolan investor Isabel dos Santos, the daughter of the country's president, became Zon's largest shareholder in May after buying a further 5 percent of Spain's Telefonica. [:nL5E8G92J5] She went on to buy an 11 percent stake from Portugal's state-controlled bank CGD in June. (Reporting by Daniel Alvarenga)