Citigroup Takes Control Of Brasil Telecom

US firm Citigroup and three Brazilian pension funds have finally managed to wrest control of Brasil Telecom from local finance group Opportunity in a dispute that has lasted seven years. An extraordinary general meeting of shareholders last Friday saw the Banco Opportunity board members removed and replaced with representatives of the US financial group and local pension funds. Brasil Telecom is the country’s third-largest phone operator. Citigroup and the pension funds own 58% of Brasil Telecom’s shares, Telecom Italia owns 38% and Banco Opportunity 3.8%.