ETB prepares rival bid for Colombia Telecom

1 Sep 2005

Colombian wireline operator ETB is considering a plan to offer at least USD350 million for a majority stake in state-owned telco Colombia Telecom, according to BNamericas. Last Friday, Mexican operator Telmex agreed to purchase 50% plus one share in Telecom for USD350 million, but interested parties have been invited to offer rival bids.

Recent news stories reported that ETB and Medellín-based multi-utility EPM have been preparing a joint proposal to become Telecom’s partners, and the pair have reportedly been in talks with Spain’s Telefónica to make a combined offer. According to Bogotá’s comptroller Oscar González, ETB has a strong enough financial position to put forward an individual proposal for Telecom,