Telmex in hunt for Embratel shares

11 May 2006

Mexico’s dominant telecoms company Teléfonos de México (Telmex) says it plans to make a cash offer for the outstanding shares of Brazil’s largest long-distance telco Embratel. It is believed that it would have to spend in the region of USD915 million to buy out all its minority shareholders. Telemx, owned by Mexican tycoon Carlos Slim, took control of Embratel from MCI in 2004. Embratel’s shares soared on the announcement.

Brazil, Telefonos de Mexico (Telmex)