Telmex Closes Tender Offer For Embratel Shares

Mexican telco Telmex completed its tender offer to buy up the remaining shares in Brazilian operator Embratel and succeeded in acquiring 96.4% of all the company’s capital stock. The acquisition is sufficient for Telmex to close the capital of the Brazilian long-distance operator, following approval from the regulator Anatel. For the next three months, through February 2007, any remaining shareholders can sell their shares to Telmex at the voluntary tender offer price, adjusted by the monthly Brazilian benchmark rate (TR).