Business Services Industry

Brazil: Telefonica, Iberdrola offer for shares of cellular companies.

South American Business Information, May, 1999

Tisa (Telefonica Internacional) and Iberdrola made a public offer to acquire the shares of minority shareholders in the Brazilian cellular companies where they have stakes. The offer averages 50% up the current stock exchange rates of shares in Telerj Celular, Telebahia Celular, Telest Celular, and Telergipe Celular. The operation estimated at US$330mil, is coordinated by Morgan Stanley Dean Witter and Goldman Sachs, while the dealing with investors is through Thomson Financila Investor Relations. There will be no changes in the ownership of these companies since the offer is not extensive to partners of Telefonica and Iberdrola. The shares of Telerj Celular in the market correspond to 28,70% of the total shares, Telest Celular 14,77%, Telebahia 8,29%, and...

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