No Hookup for ETB

Colombia’s ETB has cancelled its search for a strategic partner, it says, after not receiving any offers from potential buyers by the deadline. The telephone company will present other alternatives to shareholders in a meeting, but does not indicate what it will propose. “We believe the cancellation of the process will have a negative impact on the company,” says local equity research firm Bolsa y Renta, adding that “the process had generated much market speculation and this was reflected in the company’s share price.” ETB, in which the city of Bogota holds an 80% stake, had been exploring a sale since early 2009. Spain’s Telefonica and Mexico’s Telmex had been considered potential suitors. Santander has been its financial advisor. ETB shares closed at COP792 ($0.43), down 27.3%.