Telmex finally acquires Embratel.(Brazil)(Telefonos de Mexico S.A. de C.V.)(Brief Article)

Latin America Telecom, May, 2004

Judge Arthur Gonzalez of the South District Bankruptcy Court in New York City, in charge of MCI's Chapter 11 proceedings, approved the sale of Brazil's Embratel to Mexican-based Telmex for US$400 million. Telmex will control 51.7 percent of Embratel's shares and 19.2 percent of the company's capital. The transaction is subject to regulatory approval in Brazil.