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


To: Steve Fancy who wrote (6841)8/19/1998 11:04:00 AM
From: Steve Fancy  Respond to of 22640
 
Ericsson Brazil resumes trade, shoots up 54.02 pct

Reuters, Wednesday, August 19, 1998 at 10:26

SAO PAULO, Aug 19 (Reuters) - The Brazilian unit (SAO:ERIC4)
of Swedish telecoms equipment manufacturer Ericsson (SWED:LME.B)
resumed trading on the Sao Paulo bourse Wednesday, bolting up
54.02 percent at 0925 EDT/1325 GMT to 36.81 reais.
The shares had been suspended Monday after parent company
Telefonaktiebolag LM Ericsson launched an offer to buy the
outstanding 20.2 billion non-voting preferred shares of its
Brazilian subsidiary Ericsson SA.
The tender offer carried a fixed price of 37.11 reais per
1,000 shares, representing a 55 percent premium over the
previous closing price of 23.90 reais.
"The market is buying with the restart of trade and the
repurchase offer announced by the company," an analyst said.

Copyright 1998, Reuters News Service