Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.550

+2.8%

Jan 9 9:30 AM EST

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To: Steve Fancy who wrote (9063)	10/20/1998 2:01:00 PM
From: Steve Fancy	of 22640

Telecom Italia Confirms Interest In Brazil's Telemar Dow Jones Newswires MILAN -- Telecom Italia SpA (I.TLI) on Tuesday confirmed its interest in acquiring a 25% stake in Brazilian telecommunications company Tele Norte Leste Participacoes SA (E.TNL), known as Telemar. A company spokesman wouldn't, however, provide any details on possible price of the transaction. "We confirm our interest in Telemar," the spokesman said. "We are studying how" to realize it. Telemar is one of 12 units of federal holding Telecomunicacoes Brasileiras SA, or Telebras (TBR, TBH), privatized on July 29. A consortium led by Brazilian construction giant Andrade Gutierrez purchased the fixed-line company for 3.43 billion reals (BRR)($1=BRR1.18), but later relinquished a 25% stake to the national development bank, or BNDES. Brazil's Communications Minister Luiz Carlos Mendonca de Barros said last week that the government will auction the 25% stake in late November or early December. The minister also said that Telecom Italia, which purchased three other Telebras units, is interested in the shares. Mendonca de Barros said that the sale of the stake in Telemar could earn the government up to $1 billion. Telecom Italia on Tuesday bought a 25% stake in Telekom Austria AG (R.PTA) for 27.226 billion schillings.

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