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

To: Art Baeckel who wrote (21170)	7/27/2000 8:35:54 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Telefonica (NYSE:TEF - news) The Spanish telecom confirmed late Wednesday that its chairman, Juan Villalonga, has resigned and will be replaced by fellow director Cesar Alierta. Villalonga's decision follows months of pressure from the group's main shareholders and a falling out between Villalonga and Spain's prime minister. Villalonga said in a statement that it ``the time has come for a change in the chairmanship of Telefonica.'' His successor, Cesar Alierta, is chief executive of Franco-Italian tobacco group Altadis as well as a director at Telefonica. The Spanish company's shares rose as much as 2.5% on Wednesday amid reports of Villalonga's impending departure. Uncertainty over his position has dogged the shares in recent days. There were concerns that his departure might mark the end of a merger between Telefonica's Internet arm Terra Networks (Nasdaq:TRRA - news) and US portal Lycos (Nasdaq. But both Telefonica and Lycos indicated late Wednesday that the deal was still on.:LCOS biz.yahoo.com