Telemig, Amazônia owners to assess bids by 16 July, paper says

11 Jul 2007

The principal shareholders of Brazilian mobile operators Telemig Celular and Amazônia Celular will assess takeover bids for the sister companies on 16 July, writes BNamericas citing a report in local newspaper Estado de Sao Paulo. Pension funds Previ, Petros, Funcef and Telos, could however delay the process if the bids already received are not increased, according to unnamed sources close to the funds. The paper reports that the offers received to date ‘are very poor’ and that the funds will not sell unless they receive a fair value for the two companies. The country’s largest fixed line operator by subscribers, Oi (formerly known as Telemar) has confirmed its interest in acquiring Minas Gerais-based Telemig Celular, while other firms thought to be interested include Vivo, Claro and CTBC.