Citigroup mulling Brazil exit

14 Jun 2004

US-based Citigroup is reportedly planning to sell the telecom assets controlled by its Brazilian investment fund CVC Opportunity, including stakes in Brasil Telecom, Telemig Celular and Amazonia Celular. According to local press reports a document filed on 12 May 2004 reveals that Citigroup has ‘no intention of extending’ the September 2005 deadline when CVC is due to mature. It instead wants to be in ‘a position to liquidate the assets’, which also include waterworks company Sanepar and port operator Santos Brasil.