Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.368

-21.6%

12:58 PM EST

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To: steve kammerer who wrote (15353)	5/18/1999 11:09:00 AM
From: wl9839	Read Replies (1) of 22640

Steve, The following is an excerpt from Reuters I posted last night as to which Baby Bras are affected: "Telecom giant Telefonica last year bought a controlling stake in Brazil's Tele Sudeste Celular holding, which owns Telerj and Telest Celular. It joined Spanish utility firm Iberdrola in a group which won Tele Leste Celular holding, which owns Telebahia and Telergipe." It is unclear as to what, if any, affect this tender offer may have. Putting a true controlling block of these companies stock directly into telefonica's hands may in fact have a negative effect on the holders of the holding company stock-i.e. ability to do management contracts at the subsidiary level to siphon off revenues. On the other hand, it may enhance the perception of the value of the adr. I will post any commentary on the subject I come across. WJ

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