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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Goldbug Guru who wrote (3048)	7/19/1999 8:10:00 PM
From: Kenneth E. Phillipps	Respond to of 14638

Will somebody please explain what this announcement means, if anything, for Nortel Networks? Telecom Argentina shares sold France Telecom, Telecom Italia buy $530 million stake By Barbara Kollmeyer, CBS MarketWatch Last Update: 1:08 PM ET Jul 19, 1999 NewsWatch PARIS (CBS.MW) -- France Telecom and Telecom Italia jointly bought $530 million worth of shares in Telecom Argentina from Grupo Perez Co. and JP Morgan through the Nortel Inversora group, the companies announced Monday. In 1990, France Telecom (FTE: news, msgs) and Telecom Italia (TI: news, msgs) were to help develop and modernize Northern Argentina's telephone network. For this purpose, the Nortel Inversora (NRT: news, msgs)group was created, including France Telecom and Telecom Italia, both with 32.5 percent of shares, and Perez Co. with 25 percent, JP Morgan with 10 percent, and Nortel itself owning 60 percent of the new company called Telecom Argentina. The rest is owned by privateinvestors and employees. After the sale of shares by Grupo Perez, the Argentinian industrial conglomerate and JP Morgan, France Telecom and Telecom Italia will each control 50 percent of Nortel's ordinary shares. Shares in France Telecom were down 1.2 euros or 1.7 percent to 70 euros in Paris. Shares in Telecom Italia were down 0.43 euro to 10.49 euros. Shares in Nortel Inversora were flat at 50 in New York on Monday.