Minister’s comments prompt Embratel share slide

3 Mar 2004

Share in Brazil’s leading long-distance carrier Embratel plummeted yesterday after the country’s communications minister Eunicio de Oliveira let slip that the telco may not be sold by its US parent WorldCom (MCI). While attending a trade fair in Sao Paulo Oliveira said that Embratel president Jorge Rodriguez had suggested a few days earlier that MCI might consider ditching plans to offload the Brazilian carrier. The news led to a 5.68% drop in Embratel shares to BRL12.45.