Embratel Calls off Net Delisting

Brazil’s Embratel is canceling plans to delist shares of its Net Servicos unit, after holders of the tiny sliver of the cable provider Embratel does not own refused the price offered in a tender, Embratel says. Last month, Embratel, controlled by America Movil, offered the shareholders BRL26.64 ($13.18) per share for the 1.8% of net it doesn’t own. Earlier this year, the telecom took control of Net’s holdco, after a purchase of 5.5% of the voting shares for BRL6.44m from Globo put it over the top. Embratel had planned to examine a restructuring of Net following a delisting. S&P has raised Net’s rating to BBB+ from BBB minus, it says, due to the control of America Movil likely providing financial support.