Ken,
I must admit that I agree with you in that there is a good chance the TBR sale gets postponed somewhat. As I said, folk have to get ready for the fact that demonstrations/court injunctions are a fact of life, and will certainly plague us again here. BUT...with elections this October, I bet Cardoso will pull out all the stops to push this baby through b4 then.
As for the wireless thing, yes, you did read correctly. The regional operators have already in fact (very recently) been split in to two co's each : One representing fixed line, and the other cellular. I disagree though that this takes a "good chunk of value away from shareholders". On the contrary, the government's strategy here is to ADD value. They are, after all, the majority shareholder! Bear in mind that each of these operating co's (Telesp, Telerj, Telepar, etc etc) is currently a subsidiary of TBR. By splitting each one in two, they have simply created a load more subs.each of which can be either sold off separately, or bundled with others that make strategic sense and sold off in mini bundles. The idea of course is that this way the value achieved in the eventual system sell-off will be enhanced. We should get our 1st indication of the soundness of this thinking in 45 days or so when the newly created cellular co's start to trade locally alongside the remnant fixed line companies. I would hope to see the market value of the two newly created units be higher than that of the former "package". We'll see!
Finally, you are so right about the overnight price "gaps" on this puppy. Certainly of late, it has moved more in price "overnight" than during the active sessions. .and many of these "gaps" appear totally illogical, and certainly wholly unpredictable !! BUT..I still have to say I just love it!
Good night
Jeremy |
