Embratel, Brazil’s second largest fixed-line operator, has told the Bovespa stock exchange that it will postpone its offer for all of the preferred shares in pay-TV carrier Net Serviços de Communicaçao from September 9 to September 29.
Mexican media…
Embratel, Brazil’s second largest fixed-line operator, has told the Bovespa stock exchange that it will postpone its offer for all of the preferred shares in pay-TV carrier Net Serviços de Communicaçao from September 9 to September 29.
Mexican media tycoon Carlos Slim, who holds 98.1% of Embratel Participaçoes through his operating company Telmex Internacional, is in the process of consolidating his Latin American telecoms companies across the region.
Currently, Embratel Participaçoes owns 5.4% of Net’s preferred shares, while Embratel has 7.5%.
Embratel will offer Br23 per share. If all shares are acquired, Embratel will disburse some Br4.5bn (US$2.6bn).
Embratel said it is planning to increase its stake in Net as it is confident about the expansion of the Brazilian cable TV market in the coming years. The tender was delayed due to the Brazilian Securities and Exchange Commission requesting further details about the future operation of the company.
