In July 1998, the Brazilian capital markets were buzzing
with activity. The outcome of the largest privatization in
Latin American history was about to be made public.
Telecomunicações Brasileiras (Telebras), the
telecommunications company of Brazil, was announcing who had
won concessions to its twelve holding companies. Bidders from
around the world joined in the auction process to get a prime
piece of Brazil's telecom monopoly. In the end, the twelve
winning bids would net Brazil $19 billion.
Getting that $19 billion was no easy task. Brazil's telecom
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