Citigroup, pension funds reject TIM offer

28 Sep 2005

According to reports in the local press, US-based Citigroup and three Brazilian pension funds have said no to an offer made by Telecom Italia for their stakes in telco Brasil Telecom. The sale of the shares has been going on for over eight months, with Telecom Italia having already made an offer of USD392 million in April. The shareholders claim that its most recent offer is also too low. Citibank and the pension fund holders currently own a majority of 58% of Brasil Telecom’s shares, with Telecom Italia holding 38% and Banco Opportunity 3.8%.

Brazil, Brasil Telecom (BrT), Telecom Italia (TIM)