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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 (21130)7/17/2000 11:23:05 PM
From: wl9839  Read Replies (1) of 22640
 
Brazil Court Suspends Sale Of CRT To Brasil
Telecom

Dow Jones Newswires

SAO PAULO -- A Brazilian federal court late Friday ruled to suspend the
Telefonica's sale of regional wireline phone carrier Companhia Riograndense
de Telecomunicacoes (E.CRT) to local Brasil Telecom (TCS), the
government of Brazil's southernmost state of Rio Grande do Sul said late
Monday.

The ruling follows a restraining order request filed Friday by the Rio Grande
do Sul government.

Friday, Spain's Telefonica SA (TEF) came to terms with Brasil Telecom for
the sale of a controlling stake in CRT for $800 million. The deal still needs
approval from the boards of Brasil Telecom and Tele Brasil Sul, a group led
by Telefonica that controls CRT.

Telefonica was required to divest CRT on an antitrust ruling by Brazilian
regulators.

The court decision is premilinary and the companies may appeal.

In a statement, the state government of Rio Grande do Sul said it seeks to
anull an article in an administrative act that allows telecommunications
regulator Anatel to end its intervention in CRT at any moment, even before
the sale of the company to Brasil Telecom is materialized.

As Telefonica failed to meet the divestiture deadline last month, Anatel took
control of CRT until the sale is finalized. The Rio Grande do Sul request is of
a precautionary nature since Anatel is still controlling CRT.

-By Adriana Arai, Dow Jones Newswires; (55-11) 813-1988;
adriana.arai@dowjones.com
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