Geodex enters bid for Embratel

13 Jan 2004

Brazilian telco Geodex is the latest in a string of companies to enter a bid for a 19.3% stake in domestic telco Embratel, which was put up for sale by parent company MCI in November. Geodex, which joins Mexico’s Telmex, workers’ pension fund Telos and a joint venture between Telefónica of Spain, Brasil Telecom and Telemar in the bidding process, has made its proposal as part of a consortium with undisclosed partners. According to Monday’s share price, the stake is worth around USD723 million. Geodex has also entered a bit for carriers’ carrier Eletronet, which owns a 16,000km nationwide network and was put up for sale in April, although it has not released any details on this proposal.