Citigroup plans to sell Brasil Telecom stake, paper says

7 Jan 2008

Pension fund Citigroup Inc plans to sell its controlling stake in Brazil’s third largest telecoms company Brasil Telecom Participacoes, reports Valor Economico without citing sources. Citigroup owns 2.6% of Brasil Telecom’s voting shares and an indirect stake through Techold, a holding company that owns 62%. The sale could open a path for a merger between Brasil Telecom and Tele Norte Leste following press speculation in Brazil last year that the pair were holding talks about a possible tie-up.

Brazil, Brasil Telecom (BrT)