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Strategies & Market Trends : Sonki's Links List
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To: Sonki who wrote (155)7/30/1998 12:29:00 AM
From: ANANT   of 395
 
Telebras Sale Far Exceeds Forecasts;
Telefonica, MCI Emerge as Winners
interactive.wsj.com

IMHO: This is an excellent article. Please read if time permits.

Excerpts:

"We've come to stay at least a hundred years in Brazil," said Juan Villalonga, Telefonica's chief executive.

MCI Communications Corp. of the U.S. prevailed over a consortium led by Sprint Corp. for long-distance concern Embratel by bidding $2.26 billion, 47% above the minimum established by the government. The companies' initial bids were so close that they had to resort to open outcry on the floor of the Rio de Janeiro's Stock Exchange to arrive at a winner.

"This fits well with our strategy of entering high-growth markets," said an MCI spokeswoman. MCI already has telecom interests in Latin American countries like Mexico, and is also the second-largest carrier of international phone minutes from the U.S. to Latin America. MCI said the transaction will add to earnings immediately, and added that it expects Embratel's revenue to grow at a rate of 20% a year. The move doesn't overlap with the international operations of MCI merger partner WorldCom Inc. of Jackson, Miss. Interestingly, MCI's victory bodes well for Telefonica and Portugal Telecom, since the three have an alliance largely aimed at winning new phone business in Latin America.

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