Telemar Restructuring Hits Snag

Telemar Restructuring Hits Snag

Corporate & Sovereign Strategy

Brazil's largest fixed-line telecoms operator, Telemar, which recently announced it is to pull its planned secondary share offering may well find the terms of its capital restructuring under threat. Brazil's securities regulator (CVM) has ruled that only shareholders of preferred stock may vote on proposals to reorganize companies because of conflicts of interest. The ruling will strengthen the position of minority shareholders and reduce the power of Telemar's controlling shareholders in the pr

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