Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.450

-4.3%

Jan 23 9:30 AM EST

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To: Steve Fancy who wrote (21129)	7/17/2000 8:36:10 PM
From: Steve Fancy	Read Replies (2) of 22640

Telefonica to sell Brazil CRT stake for $800 mln Reuters, 07/17/2000 15:42 SAO PAULO, July 17 (Reuters) - Brazil's Brasil Telecom (SAO:TCSP4) said on Monday it agreed to pay Telefonica (MADRID:TEF) of Spain $800 million for its stake in a Brazilian phone company that had been seized by the government. Brasil Telecom, owned by Telecom Italia (MILAN:TIT) and Brazilian financial group Opportunity, agreed to buy a 31 percent stake in southern phone operator CRT from TBS Participacoes, the venture led by Telefonica, Brasil Telecom said in a statement to the Sao Paulo stock exchange. The agreement ends months of tense wrangling between the partners over a sale price that led Brazil's telecoms regulator Anatel to seize control of the phone company last month. Brasil Telecom and TBS were already partners in CRT. Anatel in 1998 ordered Telefonica to sell its stake in CRT, whose concession extends over 9.5 million people in Brazil's southernmost state of Rio Grande do Sul. Telefonica had to sell the stake after it bought fixed-line operator Telesp, violating Anatel's rules on concessions. The companies agreed on the sale on Friday. The transaction, which must be approved by Anatel, is expected to be completed Aug. 5. Negotiations collapsed last month as partners debated over a price ranging from $610 million to $850 million. Copyright 2000, Reuters News Service

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