Brazilian fixed-line operator Embratel has postponed its public tender for the remainder of all of the ADS in cableco Net Serviços de Comunicaçao, this time until 7 October.
The company, owned by Carlos Slim, originally tendered for the 87.1% of shares…
Brazilian fixed-line operator Embratel has postponed its public tender for the remainder of all of the ADS in cableco Net Serviços de Comunicaçao, this time until 7 October.
The company, owned by Carlos Slim, originally tendered for the 87.1% of shares it does not own on 9 September. This was pushed back to 29 September as Brazilian competition watchdog CVM asked for more details on Slim’s future intentions for Net Serviços.
The offer is seen as part of Slim’s plan to consolidate his regional telecommunications assets. Slim’s Telmex holds a 98.06% stake in Embratel Participaçoes, the holding company for the Net Serviços shares.
Embratel did not release any further details of the reason for the postponement, and was not available for comment at the time of going to press.
Embratel’s shareholders recently approved a dual convertible bond issue for R$3.15bn (US$1.8bn) and R$350m (US$200m).
