Calais makes third offer for Embratel

19 Apr 2004

Brazil’s Calais consortium – a joint venture between Tele Norte Leste Participaçoes, Brasil Telecom Participaçoes and Telefónica – has entered a new bid for the takeover of long-distance and international service provider Embratel Participaçoes, offering to pay USD396 million when the deal is signed and a further USD154 million then the transaction is approved by the regulator Anatel. The consortium is desperate to stop Embratel’s parent MCI (WorldCom) from selling the unit to Mexico’s Telmex. MCI has not commented on the matter.