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Telecom: Telmex offer shunned in favour of auction

3 Oct 2005

The Colombian government has said it will hold an auction for a controlling stake in Telecom Colombia, shunning a USD350 million cash and stock offer from Telmex. The Mexican operator has reacted angrily by claiming that it is considering withdrawing its offer altogether, adding that it would not be interested in anything other than a majority stake.

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