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

To: Steve Fancy who wrote (21145)	7/24/2000 10:26:52 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Thanks Steve! Unibanco and Unibanco Holdings' Boards of Directors Approve Interest Payment on Capital Stock to Be Applied Against the Distribution of Mandatory Dividend for the 2000 Fiscal Year PR Newswire - July 20, 2000 13:24 SAO PAULO, Brazil, July 20 /PRNewswire/ -- The boards of directors of Unibanco - Uniao de Bancos Brasileiros S.A. (NYSE: UBB) ("Unibanco") and Unibanco Holdings S.A. ("Unibanco Holdings") approved, in meetings held today, as proposed by their respective executive officers on July 11, 2000, the interest payment on capital stock, to be made beginning on July 31, 2000. This payment shall be applied against the distribution of the mandatory dividend corresponding to the fiscal year 2000, pursuant to Article 9 of Brazilian Federal Law 9,249 (1995) and paragraph 7 of Article 35 of Unibanco's by-laws and the sole paragraph of Article 35 of Unibanco Holdings' by-laws. The Board of Directors of Unibanco and Unibanco Holdings have approved the interest payment on capital stock in the total amount of R$154.5 million and R$81.9 million, respectively. The Unibanco Holdings' value reflects the retention of approximately R$6.2 million to be provisioned for the payment of social contribution taxes, which the company is currently contesting in court. The total amount corresponds to approximately R$2.9 million with respect to the second semester of 1999 and R$3.3 million with respect to the first semester of 2000. The table below shows the gross and net values of interest on capital stock per one thousand shares. An income tax rate of fifteen percent (15%) will be withheld from the gross value, as shown below: In R$ UBB-ON UBB-PN HOL-ON HOL-PNA HOL-PNB UNITS GDS UBBR3 UBBR4 UBHD3 UBHD5 UBHD6 UBBR11 NYSE-UBB GROSS VALUE 1.2015 1.3217 1.1060 1.2166 1.1060 2.4277 1.2139 NET VALUE * 1.0213 1.1234 0.9401 1.0341 0.9401 2.0635 1.0318 *Amounts rounded off to the fourth decimal place The Unibanco and Unibanco Holdings shares and Units, each representing one preferred share of Unibanco and one class "B" preferred share of Unibanco Holdings, will be traded in the Brazilian market with the right to receive interest payment on capital stock up to July 20, 2000, and will be traded without this right to the interest ("ex-rights") in the Brazilian market starting tomorrow, July 21, 2000. In accordance with the applicable Brazilian tax legislation, a contribution on financial transactions ("CPMF") will be levied at a rate of 0.30%, which will be withheld by Unibanco from the interest on Unibanco Holdings' capital stock paid to the following Unit holders: (a) holders of GDSs; and, (b) holders of Units in Brazil which are paid by money order. Today, July 20, 2000, is the date of record for the purpose of determining the holders of Global Depositary Shares ("GDS") who will be entitled to receive the proposed payment. Each GDS listed on the New York Stock Exchange is equivalent to 500 Units. SOURCE UNIBANCO - Uniao dos Bancos Brasileiros S.A. /CONTACT: Fernando Santoro, Julia Reid, Fabiane Jampolsky or Mariangela Melo, all of Unibanco-Uniao de Bancos Brasileiros S.A., 55-11-3097-1626 or 55-11-3097-1313, fax, 55-11-813-6182 or 55-11-3813-4830, or e-mail, investor.relations@unibanco.com.br / /Web site: unibanco.com.br / (UBB)

To: Steve Fancy who wrote (21145)	7/24/2000 10:30:49 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Telefonica says Terra-Lycos merger progressing well Reuters Company News - July 20, 2000 08:47 Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. SAN LORENZO DE EL ESCORIAL, Spain, July 20 (Reuters) - The planned merger of Telefonica's Internet unit Terra with U.S. portal Lycos is progressing well, an official at the Spanish parent company said on Thursday. Some traders and analysts have expressed doubts that the deal will go through given expectations that Juan Villalonga, chairman of Telefonica and architect of the deal, could be forced to step down. "The planned merger is well on track. The teams of both companies are under the gun on the matter," Francisco Blanco, head of investor relations at Telefonica, told reporters at a conference just north of Madrid, echoing similar comments by Lycos Chief Executive Bob Davis in an interview with Reuters on Wednesday. Terra announced a proposed $12.5 billion offer for Lycos in May, but officials at both groups say the deal does not depend on any individual in particular. Villalonga is under pressure to resign amid allegations of insider trading, denied by the company. Spain's stock market commission is investigating the matter. Villalonga helped turn the former state telephone company into an international telecoms giant, overseeing the aggressive expansions of Telefonica and Terra in Latin America.