Telemar Steps Closer To Restructuring

Brazil’s largest fixed-line telecoms operator, Telemar, has moved closer to realizing its planned capital restructuring after Brazilian telecoms regulator Anatel approved the plan, Friday. In April the company revealed it was to restructure its share capital and unite stock from its various companies into a single class of new voting shares. A shareholders’ meeting is slated for today, November 13, at which the plan will almost certainly be approved. However, not all shareholders are happy. Preferred stockholders have strongly objected to the share conversion, claiming it would be against their interests and have tried stalling Monday’s meeting.