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

To: Steve Fancy who wrote (9063)	10/20/1998 2:01:00 PM
From: Steve Fancy	Respond to of 22640

Telecom Italia Confirms Interest In Brazil's Telemar Dow Jones Newswires MILAN -- Telecom Italia SpA (I.TLI) on Tuesday confirmed its interest in acquiring a 25% stake in Brazilian telecommunications company Tele Norte Leste Participacoes SA (E.TNL), known as Telemar. A company spokesman wouldn't, however, provide any details on possible price of the transaction. "We confirm our interest in Telemar," the spokesman said. "We are studying how" to realize it. Telemar is one of 12 units of federal holding Telecomunicacoes Brasileiras SA, or Telebras (TBR, TBH), privatized on July 29. A consortium led by Brazilian construction giant Andrade Gutierrez purchased the fixed-line company for 3.43 billion reals (BRR)($1=BRR1.18), but later relinquished a 25% stake to the national development bank, or BNDES. Brazil's Communications Minister Luiz Carlos Mendonca de Barros said last week that the government will auction the 25% stake in late November or early December. The minister also said that Telecom Italia, which purchased three other Telebras units, is interested in the shares. Mendonca de Barros said that the sale of the stake in Telemar could earn the government up to $1 billion. Telecom Italia on Tuesday bought a 25% stake in Telekom Austria AG (R.PTA) for 27.226 billion schillings.

To: Steve Fancy who wrote (9063)	10/20/1998 2:03:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Cardoso Receives Fiscal Proposal From Malan Dow Jones Newswires BRASILIA -- Brazil's Finance Minister Pedro Malan on Tuesday presented President Fernando Henrique Cardoso with a proposal for the multi-year austerity plan the government hopes to implement, a source from the presidential press office said. The two met early Tuesday to discuss the measures under consideration, but Malan refused to comment after the meeting on whether an official proposal had been submitted. Two weeks ago, President Cardoso had earmarked Oct. 20 as the deadline for his economic advisors to present a plan for his review. The source said that Cardoso is now evaluating the proposals and that no date has been set for the public release of the measures. The same source also said that meetings with congressional leaders to discuss the proposal - originally set for Wednesday - have not yet been confirmed.

To: Steve Fancy who wrote (9063)	10/20/1998 2:04:00 PM
From: Steve Fancy	Read Replies (7) \| Respond to of 22640

RESEARCH ALERT - Brazil phone companies started Reuters, Tuesday, October 20, 1998 at 13:45 SAO PAULO, Oct 20 (Reuters) - Morgan Stanley Dean Witter said Tuesday it initiated coverage of four new Brazilian wireline phone companies which resulted from the July split and privatization of Telebras. -- Telesp Participacoes (SAO:TLPP4) was assigned a "strong buy" rating by analysts Luiz Carvalho, Vera Rossi and Josh Milberg. The Sao Paulo operator is the most attractive because of high growth potential and the experience of new owners, Spain's Telefonica de Espana SA (MADRID:TEF), they said. -- Long-distance carrier Embratel (SAO:EBTP4) and Tele Norte Leste (SAO:TNLP4) were assigned "outperform" ratings. Embratel has short-term potential due to lack of competition, while Tele Norte Leste has high growth potential and has fallen to an attractive price, the analysts said. -- Tele Centro Sul (SAO:TCSP4) was assigned a "neutral" rating because the stock is already fairly valued, according to Morgan Stanley. shasta.darlington@reuters.com)) Copyright 1998, Reuters News Service