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

To: EPS who wrote (1704)	4/16/1998 11:01:00 AM
From: Steve Fancy	Respond to of 22640

Telebras (SAO:TEL_.P) board approves partial split up Reuters, Thursday, April 16, 1998 at 10:15 NEW YORK, April 16 (Reuters) - Telecomunicacoes Brasileiras SA (NYSE:TBR) directors have approved a government proposal to split up the company as part of its privatization, Telebras said in a statement released in New York Thursday. It said the proposal will be submitted to shareholders at a meeting to be held on April 24 for final approval. As previously reported, Telebras will be spilt up into 12 publicly-held holding companies which will control operating subsidiaries. The company statement said shareholders will receive the same quanity of shares in each of the 12 companies as now held in Telebras, which will continue to trade as a unit until registration is completed and the new shares are authorized. Also to be submitted to next month's shareholders is a proposal for the incorporation of CPqD (Research and Development Center), Telebras said. nyc.equities.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: EPS who wrote (1704)	4/16/1998 11:07:00 AM
From: Steve Fancy	Respond to of 22640

I knew something wasn't right yesterday. For anyone who wasn't following, the Electropaulo auction was halted by a judge, they went ahead and sold it anyway, then a judge annulled the sale. That coupled with "what me worry" Japan, seems to be completely offsetting enthusiasm over the rate drop. The sequence of events from yesterday is all archived here in the order they happened. I see today, depending where you read, they talk as if the auction went through. Who knows where we're were going today and tomorrow. Seems ADR details are finally clarified...looks like they just need to be approved by shareholders. sf