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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.532-2.4%Jan 12 3:59 PM EST
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To: MGV who wrote (8967)10/12/1998 2:36:00 PM
From: Steve Fancy  Read Replies (1) of 22640
 
Brazil, Telecom Italia Negotiate Early
Telebras Payment

Dow Jones Newswires

SAO PAULO -- Brazil's government hopes to receive an early payment
of around $500 million from Telecom Italia SPA (I.TLI) for the purchase
of local telecommunications assets earlier this year, the O Estado de Sao
Paulo newspaper reported Monday.

Just before returning from a week of visits to European
telecommunications companies, Communications Minister Luiz Carlos
Mendonca de Barros said that Telecom Italia will make a decision this
week on whether to speed up the settlement schedule.

According to reports last week, the $500 million corresponds to the
purchase of fixed wireline company Tele Centro Sul Participacoes SA,
one of 12 units of federal holding Telecomunicacoes Brasileiras SA sold
on July 29. Telecom Italia acquired the company with a bid of 2.07 billion
reals (BRR)($1=BRR1.18).

Two weeks ago, a group led by Spain's Telefonica Internacional made
early payments of $3.9 billion for its purchase of Telebras assets, through
the purchase of dollar-denominated bonds issued by national development
bank BNDES.

The Estado report also said that Telecom Italia will consider purchasing
the 25% stake held by the BNDES in Tele Norte Leste Participacoes,
another wireline company, which could earn the government as much as
$1 billion.

Tele Norte Leste was purchased by a group led by construction group
Andrade Gutierrez, for BRR3.43 billion.
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