Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (21126)	7/15/2000 6:03:24 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Telefonica, Brasil Telecom Reach Sale Agreement On 32% Stake In CRT Dow Jones Online News, 07/14/2000 17:49 NEW YORK -(Dow Jones)- Spain's Telefonica SA will sell its stake in a southern Brazil telephone carrier to Brasil Telecom Participacoes SA. A spokeswoman for Brasil Telecom shareholder Grupo Opportunity put the price tag at $800 million. The sale of the 32% stake in Companhia Riograndense de Telecomunciacoes SA is pending approvals from the boards of Brasil Telecom (BRP) and Tele Brasil Sul, the Telefonica-led consortium. A closing date has been set for July 31. The sale price roughly splits the difference between the $730 million previously offered by Brasil Telecom and the $850 million previously asked by Telefonica (TEF). Talks collapsed weeks ago after the two sides couldn't agree on a price. Officials from Brasil Telecom, which last month changed its name from Centro Sul Participacoes SA, declined to comment. Telefonica officials were unavailable for comment. Telecom Italia SpA (TI) bought an 85% voting stake in CRT in March after Telefonica was forced by regulators to relinquish control. Since, Telecom Italia and Brasil Telecom waged a fight for control of CRT, one of two fixed-line operators in Brazil. Telecom Italia couldn't immediately comment on the latest Telefonica sale. Telefonica had been required by regulators to sell its stake in CRT as a condition of its purchase of Telecomunicacoes de Sao Paulo SA (TSP). Brazilian regulations ban companies from owning stakes in two fixed-line operators. Telefonica's failed to meet a deadline for the divestiture resulted in the government taking control of CRT last month. (Compiled from Dow Jones Newswires and other sources) Copyright (c) 2000 Dow Jones & Company, Inc. All Rights Reserved Companies