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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.896

-0.9%

Nov 21 9:30 AM EST

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To: Steve Fancy who wrote (6316)	8/5/1998 10:46:00 AM
From: Steve Fancy	Read Replies (3) of 22640

Spain's Telefonica May Merge Brazilian Cell Phone Ops Dow Jones Newswires MADRID -- Spanish telecommunications company Telefonica SA (TEF) confirmed Wednesday that it's studying merging two Brazilian cell phone operations. Telefonica owns around 75% of a consortium which bid 1.36 Brazilian reales (BRL) for a controlling stake in Tele Sudeste Celular Participacoes SA. ($1=BRL1.1635) Meanwhile, the company's partner, Grupo Iberdrola, won a bid to buy a controlling stake in another cell phone operator there, Tele Leste Celular Participacoes SA. Telefonica is planning to take a stake of up to 49% in that consortium. Telefonica said it's looking into ways of merging the two companies' cellular operations into one business without infringing the law or harming the interests of their minority shareholders. Grupo Iberdrola is the group organization of Spanish electricity supplier Iberdrola SA (E.IBR). Elsewhere, Telefonica also confirmed it has to reduce its controlling stake in another Brazilian telecoms company, Companhia Riograndense de Telecomunicacoes, or CRT, to 20% of the voting capital within 18 months.

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