Citigroup, pension funds to take control of Brasil Telecom?

30 Sep 2005

According to reports in the FT, Citigroup and a group of Brazilian pension funds are expected to take operational control of fixed and mobile operator Brasil Telecom later today, bringing the dispute to an end. Earlier this week, Citigroup and the pension funds looked likely to sell their stakes to Telecom Italia, but they rejected the offer made by the Italian telco, on the basis that it was too low. The companies may still be prevented from taking control of the telco, by Rio de Janeiro management company Opportunity, which used to manage their investments and has launched several legal obstacles to the deal.

Brazil, Brasil Telecom (BrT)