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

To: Steve Fancy who wrote (1664)	4/14/1998 11:47:00 PM
From: Steve Fancy	Respond to of 22640

(UPDATE) Brazil's Cardoso Approves Splitting Up Telebras Dow Jones Online News, Tuesday, April 14, 1998 at 23:10 BRASILIA -(Dow Jones)- President Fernando Henrique Cardoso on Tuesday approved the splitting up of Brazilian telecommunications giant Telecomunicacoes Brasileiras SA, or Telebras, into 12 new holdings in the run-up to its privatization. Earlier Tuesday, a recommendation to this effect was sent to Cardoso by Acting Communications Minister Juarez Quadros following a meeting of the telecommunications privatization supervising committee. The president decreed that Telebras will be restructured into three conventional fixed-telephone companies, eight cellular telephone companies and one long-distance and international operator (the current Embratel, or Empresa Brasileira de Telecomunicacoes SA). The decree also states that for the purpose of the privatization, slated for midyear, all common stock held by the government in the 12 new holdings will be put up for sale. Telebras, the holding company for Brazil's state telecommunications system, will be split into 12 separate companies, each of which will have its own stock. Current Telebras shareholders will receive shares in all 12 companies. Officials say that the 12 stocks to be formed are likely to get full New York Stock Exchange listings. With $79 billion in trades, it was the third most actively traded stock on the NYSE last year, trailing IBM Corp. and Compaq Computer Corp., and was the top-traded foreign stock. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved.