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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.952-7.6%Nov 10 3:59 PM EST
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To: Steve Fancy who wrote (22333)6/4/2001 9:11:46 PM
From: wl9839  Read Replies (1) of 22640
 
Brazil Telemar to unite 16 operating companies

SAO PAULO, June 4 (Reuters) - Brazilian telephone company Telemar said on Monday
that it would ask its 16 separate units to restructure under one operating company in a bid to
bolster the units' efficiency and improve their access to financing.

Telemar, the holding company of Brazil's biggest fixed-line phone carrier in terms of numbers
of lines, said in a statement that it recommended that its Rio de Janeiro-based unit Telerj incorporate 15 other regional
telephone companies.

If the transaction is approved by companies' boards and regulators, shareholders of the 16 units could swap their stocks for
shares in the new single operator.

The units operate in 16 states spanning Rio to Brazil's far north and the deepest Amazon.

``The aim of this incorporation process is to simplify the current share structure and... increase the efficiency and financing
capacity of the operators,'' the statement said.

Telemar said it was hiring investment banks to carry out an evaluation of the operating companies' balance sheets. Evaluations
could be completed within three weeks.

The transaction must be approved by the companies' boards and by Brazil's telecommunications regulatory agency, Anatel.
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