Millicom named as possible ETB bidder

27 Oct 2009

Dow Jones Newswire reports that Luxembourg-based wireless group Millicom International Cellular (Millicom) is evaluating a bid for control of Colombian state-owned fixed line telephone company Empresa de Telecomunicaciones de Bogota (ETB), citing reports in the local newspaper La Republica. Millicom already has a relationship with ETB: respectively they have 50% and 25% stakes in wireless network operator Colombia Movil. ETB, which is controlled by the Bogota city council, plans to sell new shares equivalent to a controlling stake in the company to a partner in an auction. The auction, originally scheduled for this month, was delayed after the company’s labour union sued to block the partial privatisation. The company has still to set a new date.