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Technology Stocks : Nuevo Grupo Iusacell (CEL)

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To: Rob Preuss who started this subject	7/30/2003 2:21:53 PM
From: Rob Preuss	Read Replies (1) of 206

MEXICO CITY, July 30 (Reuters) - Mexican stocks traded marginally higher in low volume on Wednesday, as wireless telecom Iusacell traded close to flat after landing in the hands of tycoon Ricardo Salinas. [snip] Mexican media tycoon Ricardo Salinas clinched the acquisition of debt-burdened cell phone company Iusacell (Mexico:CELV.MX - News) on Tuesday, buying a majority stake for 0.057 pesos per share, even though shareholders received higher bids from creditor Fintech Advisory. Iusacell, which was trading flat at 0.479 pesos on Wednesday, had been the subject of heavy speculation during the tender offer. "Until yesterday it was pure speculation, but now our clients are buying that stock more as an investment," a trader said. Iusacell's American Depositary Receipt (ADR) (NYSE:CEL - News) gained 2.68 percent to $4.60. [snip]

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