The Farol Deposit (Depósito do Farol) – a Pleistocene beach deposit from Cape Mondego (Figueira da Foz, West Central Portugal)*

Among the Pleistocene and Holocene units recorded near the marine cliffs of Cape Mondego (Figueira da Foz, West Central Portugal) stands out the Farol Deposit (Depósito do Farol), at an altitude of ±95 m above present sea level. It is a marine terrace with three exposures of interstratified conglomerates and sands, overlapped by calclititic-fanglomerates. This sedimentary setting indicates that deposition took place in a seashore environment influenced by the proximity of a marine palaeocliff. The deposit has an interesting subfossil fauna with abraded and fragmented shells of Nucella lapillus (LINNÉ, 1758), Patella vulgata (LINNÉ, 1758) and Littorina littorea (LINNÉ, 1758), suggesting the existence of an environment with colder surface seawater, when compared with the present day Portuguese seashore. These specimens belonged to marine communities adapted to live in intertidal rocky platforms, which have been exposed to the cyclic action of waves and tidal flows, on the swash and surf zones. The Farol Deposit can be related to an Early/Middle Pleistocene “cold-water” episode, earlier to the Isotopic Stages 7 and 11. This episode occurred before the deposition of the units Quiaios Sands (Areias de Quiaios) and Cantanhede Sands (Areias de Cantanhede) (Sicilian?), but later than the Arazede Sands (Areias de Arazede) and Marinha das Ondas Sands (Areias de Marinha das Ondas) (Early Pleistocene).

Notas sobre depósitos de Taveiro estratigrafia, paleontologia, idade, paleoecologia

This paper reports some research work that has been done to support Geological Survey's field work for the 1:50.000 Carta Geológica de Portugal, (sheets 19-C Figueira da Foz and 19-D Coimbra-Lousã). Its main purpose was to establish the age of some continental formations. At Cerâmica do Mondego, Ld.ª near Taveiro, two series were observed. The lower one is mainly pelitic, montmorillonite being predominant. It also includes some sandy beds and channel deposits with high energy sediments (conglomerate with limestone pebbles). The upper series lies unconformably upon the former, and there is a neat discontinuity surface between the two. It mainly consists of sands, kaolinite being the most abundant of the clay minerals. This seems to indicate an intensive weathering, an acid, well drained environment and transportation by quite high energy running waters. No fossils were recorded. Preliminary paleontological results are presented, along with some data concerning other localities (Aveiro, etc.). Fossils found in the lower series are: gastropoda (Bulimus gaudryi, TV. 15 bed), several vertebrates (TV. 18), fishes (TV. 19?) and plants (TV. 19-TV. 24). Vertebrata belong to the same fauna as that from Vizo, Aveiro, etc. The presence of mammals is most important as only a single tooth was previously Know in Europe (Southern France) in Late Cretaceous formations. Elsewhere there are some mammalian remains in Peru besides the rich assemblages found in the USA and Mongolia. Plants are representative of the «Debeya flora» well known at several localities in Beira Litoral province, in «Buçaco sandstones», and in Lisbon's «Basaltic Complex». The most important stratigraphical conclusion is that the lower series is Upper Campanian and/or Maastrichtian in age, and not Tertiary as sometimes it has been considered. As at Aveiro, «Bebeya flora» occurs in-beds somewhat higher than those with the Aveiro-Vizo-Taveiro vertebrate fauna. Correlation with other «Debeya flora» localities are now more clear. Data concerning Taveiro lower series, in the whole, point out to a rather warm (and moist?) environment in an occasionally (seasonally?) flooded region.

Notas sobre depósitos de Taveiro estratigrafia, paleontologia, idade, paleoecologia

This paper reports some research work that has been done to support Geological Survey's field work for the 1:50.000 Carta Geológica de Portugal, (sheets 19-C Figueira da Foz and 19-D Coimbra-Lousã). Its main purpose was to establish the age of some continental formations. At Cerâmica do Mondego, Lda. near Taveiro, two series were observed. The lower one is mainly pelitic, montmorillonite being predominant. It also includes some sandy beds and channel deposits with high energy sediments (conglomerate with limestone pebbles). The upper series lies unconformably upon the former, and there is a neat discontinuity surface between the two. It mainly consists of sands, kaolinite being the most abundant of the clay minerals. This seems to indicate an intensive weathering, an acid, well drained environment and transportation by quite high energy running waters. No fossils were recorded. Preliminary paleontological results are presented, along with some data concerning other localities (Aveiro, etc). Fossils found in the lower series are: gastropoda (Bulimus gaudryi, TV. 15 bed), several vertebrates (TV. 18), fishes (TV. 19?) and plants (TV. 19-TV. 24). Vertebrata belong to the same fauna as that from Vizo, Aveiro, etc. The presence of mammals is most important as only a single tooth was previously know in Europe (Southern France) in Late Cretaceous formations. Elsewhere there are some mammalian remains in Peru besides the rich assemblages found in the USA and Mongolia. Plants are representative of the «Debeya flora» well known at several localities in Beira Litoral province, in «Buçaco sandstones», and in Lisbon's «Basaltic Complex». The most important stratigraphical conclusion is that the lower series is Upper Campanian and/or Maastrichtian in age, and not Tertiary as sometimes it has been considered. As at Aveiro, «Bebeya flora» occurs in-beds somewhat higher than those with the Aveiro-Vizo-Taveiro vertebrate fauna. Correlation with other «Debeya flora» localities are now more clear. Data concerning Taveiro lower series, in the whole, point out to a rather warm (and moist?) environment in an occasionally (seasonally?) flooded region.

Contribuição para a datação do conglomerado de Odeáxere

According to P. Choffat, Odeáxere conglomerate was Oxfordian in age, and would represent the unconformity between Malm and Dogger. Choffat's opinion was based exclusively in a lithological comparison with conglomerates from Arrábida; these conglomerates are now reported to the Dogger, as they are intercalated between beds with Timidonella sarda. However, in the mesogean realm, the stratigraphical position of T. sarda in the Dogger is still not accurately known. Some authors think its range would extend from Aalenian until the Bajocian, yet others think it would be more restricted, from Aalenian to the lower Bajocian only. Its stratigraphical span seems to be even more restricted in Algarve: uppermost Aalenian to lowermost Bajocian.

La cuirasse ferrugineuse conglomératique de Cabatuquila (Malanje - R. P. d'Angola) et sa signification paléogéographique

Cabatuquila conglomerate ferricrete (Malanje Province, located North Central Angola) corresponds to a thick (1O-15m) and hardcornice at the top of "Baixa de Cassanje" escarpment. "Baixa de Cassanje" is a large graben part of South Congo basin. Cabatuquila conglomerate ferricrete seems to correspond to a Plio-Pleistocene morphology which has already disappeared. Laterization dynamics and ferricrete formation processes took place on the Tertiary surface, before being tilted to the Congo Basin. Materials submitted to these processes are mainly alluvial deposits from a pre-Cuanza drainage system. This drainage system flowed to the North before being captured to the Atlantic, as a consequence of the movement which deformed the Tertiary surface during the Pleistocene. The erosion dynamics, which created the Cassanje depression, has occurred after the late Tertiary surface deformation. That dynamics might be related to the Cuango drainage system, which was reorganized after that deformation.

Mineralogia da fracção argilosa da Formação de Vale Álvaro (Bragança, NE Portugal)

The studied materials were sampled from several conglomerate and carbonate sandstone units, overlapped for 23 meters. This formation represents a debris flow dominated alluvial fan alternating with quiet sedimentary conditions. These deposits of probably Paleogene age were placed upon mafic and ultramafic rocks that are the exclusive source of sediments. Optical and SEM identification, microanalysis and XRD studies (with decomposition procedures) of clay fractions obtained after high-speed centrifugation were performed in order to characterise the clay minerals content. The results of the analytical program allowed the establishment of the following remarks: a) Fe-rich montmorillonite dominance over paligorskite, chlorite, chlorite-smectite mixed-layers, serpentine and talc; b) smectites in the 12.4 - 15 A range, expanding to about 17 A after EG treatment; c) serpentine and talc as secondary minerals in the interior of altered clasts; d) chlorite and clorite smectite mixed-layer compositions in the borders of the clasts and in the cement. The composition of sediments results from coarse clasts eroded from mafic and ultramafic rocks and clayey material. Clasts show evidences of post-depositional weathering (coatings of chlorite and smectite). Clayey material has the contributions of i) inherired chlorite, smectite and chlorite-smectite mixed-layers; ii ) authigenic crystallisation of Fe-montmorillonite (due to availability of Fe in the crystallising solutions following previous weathering events); iii) authigenic paligorskite associated to a carbonate cement.

Significado regional dos depósitos neogénicos continentais da área de Vila de Rei (Portugal Central)

In the Vila de Rei area (Central Portugal) the continental deposits of the Lower Tagus Tertiary Basin lay upon the pediment of the Portuguese Central Chain. Three conglomerate units are recorded from the base upwards, separated by regional or basinal unconformities; Conglomerados de Rio de Moinhos (RM); Conglomerados de Serra de Almeirim (SA) and Conglomerados de Vila de Rei (VR). The first two units (RM and SA) have been sites of gold exploitation in huge open pit mines probably during Roman colonisation times. The contact of this units, on the Paleozoic basement or on the Paleogene unit Grés de Monsanto, is unconform, defining in both limits a large nondepositional and/or erosional hiatus. Those conglomerates seal the sedimentation of the Lower Tagus Tertiary Basin along its northern border. Taking into account the significance assigned to their basinal unconformity limits, the uplift of the Portuguese Central Chain, and the fact of this continental units yielded no fossils with chronostratigraphic significance, they have been considered ranging from Upper Miocene to the beginning of the Quaternary. Finally, a lithostraligraphic equivalence with the Neogenic units of the Bierzo and Duerna basins (NW of the Iberian Peninsula), where exploitations from Roman times are also evident, is presented.

The Neogene of Algarve (Portugal)

A synthesis about the Neogene and Quaternary of Algarve (Southern Portugal) is presented. New isotopic 87Sr/86Sr ages as well as biostratigraphic data about the Miocene deposits allow to present a new stratigraphic frame for the previously characterized units. The Lagos-Portimão Formation corresponds to deposits of temperate carbonate platform sedimentological type, developed during a long time span (Lower Burdigalian to Upper Serravallian). A major change in sedimentation conditions (carbonate to siliciclastic environments) occurred in the Lower Tortonian with the deposition of yellowish sands. Spongoliths rich in microfossils are represented in Algarve inland. Their age is not well established; calcareous nannofossils indicate the CN5a zone (Upper Serravallian) while foraminifera point out at least Nl6 zone (Lower Tortonian). In the Upper Tortonian, the sedimentation is widespread in Eastern Algarve, related with the Guadalquivir Basin infill. The deposits begin with detrital limestones, locally very rich in Heterostegina, passing to fossiliferous conglomerates and siltstones (Cacela Formation). Coarse-grained conglomerates at Galvana (Faro) pose some age problems. K/Ar age on glauconite indicates 6.72±0.17 Ma. However, glauconites may be reworked from older deposits (Cacela Formation). The Galvana Conglomerate could be related to Pliocene deposits are not well characterized. Olhos de Água sands, with a thin marine intercalation rich in marine vertebrates (fishes, a crocodile, cetaceans, sirenians), may be Upper Pliocene; however, the vertebrates point out to a Serravallian to Tortonian age. 87Sr/86Sr ages on oysters from above the level with vertebrates point out to 3.0(+2.5-1.0) Ma. Similar sand deposits occur at Morgadinho (Luz de Tavira). These sands are overlain by marls, lignite clays, lacustrine limestones and a silty calcareous crust. A small mammals association indicate an age span between Upper Pliocene and Lower Middle Pleistocene (MN17-MN20). A Biharian mammal fauna (Lower Pleistocene) was collected at Algoz in similar deposits. In the present state of knowledge, Morgadinho and Algoz deposits may be correlative.

The spin-off of Sonae Capital

The purpose of this project is to study the spin-off of Sonae Capital, which took place in January 2008. Taking the form of a case study, this project is divided between the case narrative and a teaching note. I study the background and motivation of the transaction, along with its outcome. With the available information at the time of the case, I value Sonae Capital at the date of the spin-off and describe a possible trading strategy involving both the spun-off and the demerged companies. Finally, I conclude that the transaction was more beneficial for the parent company, Sonae SGPS, and that it did not follow the typical outperformance pattern observed in other spin-offs.

Determinant factors to merger control decisions in Portugal

The present paper aims to investigate the determinant factors of Portuguese merger control. Our sample comprises 652 M&A cases occurred between January of 2003 and September of 2015. Through a probit model we have tested the relevance of product and geographic market, entry barriers, type of concentration, merger effects, year of decision and the President of the Competition Authority at the time. The results suggests that the conglomerate and vertical effects, the existence of barriers to entry as well as the number of regulatory agencies listened are the main explanatory variables to determine a need for an in-depth investigation and to make a final decision. According to the evidence, cases cleared at Phase 1 are increasing over time. The number of prohibited mergers is close to zero.

PT Multimedia

The purpose of the present case – and accompanying Teaching Notes – is to better understand the spin-off of PT Multimédia, by Portugal Telecom, after receiving a Public Takeover Offer from Sonaecom, in 2006. The Government and the Competition Authority had never looked in a serious way at PT’s dominant position and the lack of room for competition in the TMT sector – PT was the owner of both the cable and copper networks, having access to privileged information from its competitors with control over the wholesale and retail businesses. In 2006, the company received a takeover offer from Sonaecom, the TMT subsidiary from the Portuguese conglomerate Sonae. The offer was voted and rejected by a majority of PT shareholders, but the whole process triggered several recommendations from the regulatory bodies. As a result, PT divested its cable business with the spin-off of PT Multimédia, giving birth to a new competitor and a totally different landscape in the telecommunications sector in Portugal.