Citigroup Wins Victory

Citigroup won approval from Brazilian regulators to retake control of three phone companies, defeating a challenge by the former manager of its $728 million investment fund, Daniel Dantas. The decision clears one obstacle to Citigroup’s plans for removing Dantas and the executives he named while he managed the bank’s shares in Brasil Telecom, Brazil’s third-biggest telephone company, and two mobile phone companies. Dantas has been fighting to stay in control of Brasil Telecom since March 9, when he was fired by Citigroup.