Telemar delays auction for Tele Norte Leste

14 Aug 2007

Telemar Participacoes said yesterday it has postponed an auction to increase its stake in Brazil’s biggest phone company, Tele Norte Leste Participacoes, to give it more time to finance the buyout of shares as part of a deal to simplify the shareholding structure of the company. Reuters writes that Telemar Participacoes has moved the auction back to 6 September from the original auction date of 14 August. The holding company had raised an offer for Tele Norte Leste Participacoes shares to from BRL35.09 per share to BRL45.

Brazil, Oi