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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 1.030-3.7%Nov 7 9:30 AM EST
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To: Steve Fancy who wrote (22383)7/17/2001 12:32:25 PM
From: baystock  Read Replies (1) of 22640
 
July 16, 2001 Brazil's Telemar Releases Terms Of Its Plan to Consolidate Units
Dow Jones Newswires
SAO PAULO, Brazil -- Brazil's biggest phone company -- Tele Norte Leste Participacoes SA, or Telemar -- Monday released terms of its plan to consolidate the shares of its 16 operating units.

Under the plan, Telemar's main operating unit -- Telerj -- will issue about 3.3 billion reals ($1.28 billion) in preferred shares to buy up the stock of Telemar's 15 other operating units.

After the operations, Telerj will have a market capitalization of about 7.1 billion reals, Telemar said.

Former state-run monopoly Telemar has an operating unit in each of the 16 states in which it operates. After the swaps are completed, Telemar will have a listed holding company and a listed operating company.

When Telemar announced its intention to hold the swaps in early June, shares of two of its most liquid operating units -- Telemig and Telebahia -- rose about 20% on hopes of sweetheart deals from Telerj.

Telemig shareholders are slated to receive 2.793 Telerj shares for each share held, while Telebahia shareholders will receive 2.790 shares for each share held.

Goldman Sachs is advising on the share swaps.
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