TCP to challenge CVM over TRO offer

14 Jan 2004

Telesp Celular Participacoes (TCP), part of mobile holding group Vivo, is asking a Rio De Janeiro court to overrule a decision by Brazil’s securities regulator CVM to block its purchase of Tele Centro Oeste Participacoes (TRO), claiming that its offer of 1.27 of its own shares for every TRO share is legal. Two independent auditors, Merrill Lynch and Citigroup, have confirmed TCP’s valuation. TCP already owns 86.8% of ordinary shares and 29.3% of the total share capital in TRO.

Brazil, Tele Centro Oeste Celular, Telesp Celular Participaçoes