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Technology Stocks : WCOM
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To: mmeggs who wrote (3074)7/29/1998 11:23:00 AM
From: David Klein  Read Replies (2) of 11568
 
What is a reais worth in dollars???

Wednesday July 29, 10:51 am Eastern Time
MCI confirms it sole owner of Embratel
RIO DE JANEIRO, July 29 (Reuters) - MCI Communications Corp. said on Wednesday it was the sole winning bidder for Embratel, the long-distance and international carrier of Brazilian telephone firm Telebras (TBR - news).
Speaking at a news conference after the auction, MCI's senior vice-president Jerry deMartino said MCI now owned 100 percent of Embratel. The winning bid came in at 2.65 billion reais, 47.22 percent above the company's asking price.

''We own 100 percent (of Embratel)...and we might look at other partnerships later,'' he said, without elaborating.

''Embratel has the best name in telecommunications in Brazil. It is a company with sufficient cash for the new investments necessary just to meet service obligations.''

The auction went to open outcry after a group thought to include U.S. carrier Sprint (FON - news) bid 2.49 billion reais -- higher than MCI's bid but not enough for an outright win.

The sale of Embratel closed the first phase of the Telebras auction. Next up are four cellular companies covering the most developed areas of Brazil. A final stage of the auction would include four cellular companies from less developed areas.
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