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

To: wl9839 who wrote (15342)	5/17/1999 9:47:00 PM
From: wl9839	Read Replies (1) \| Respond to of 22640

DJ Telefonica SA Launches Tender Offer For Telerj Celular Dow Jones Newswires NEW YORK -- Telefonica Internacional SA plans to launch tender offers for the Brazilian mobile phone operating companies, Telerj Celular and Telest Celular. In a press release Monday, Telefonica Internacional said it will also make offers, with its partner Iberdrola, for two other mobile phone operators, Telebahia Celular and Telergipe Celular. Telefonica Internacional said the transactions will involve a maximum investment of 51.5 billion pesetas, or $330 million, by Telefonica in Brazil. Telefonica Internacional filed official documents with Brazil's stock market regulator, the Comissao de Valores Mobilarios, or CVM. The offer will take place within 15 days of approval by the CVM. Telefonica Internacional, which has telecommunications and pay-TV operations in Latin America, is a unit of Spain's Telefonica SA. (TEF).

To: wl9839 who wrote (15342)	5/17/1999 9:56:00 PM
From: wl9839	Read Replies (1) \| Respond to of 22640

Re: Baby Bras Takeover News Please read all of the three previous posts to get an idea of what is going on. As usual, the use of the name of the subject companies is confusing. It appears that two of the companies whose names are similar to cellulars which trade as adrs are really subs of those two adr companies. The news stories are also unclear as to whether an adr holder will benefit in any way from these tender offers other than the rise in underlying subsidiary share price. WJ