A news release issued by Previ confirms receiving a letter from Opportunity with what the pension fund calls a ?memorandum of intentions? rather than an offer, ?because Previ believes business negotiations effectively aiming at a satisfactory conclusion should be conducted differently, especially as regards publicizing the matters under discussion?. This is an allusion to the fact that the media and the market were told about the offer before Previ.
In the letter to Previ, Opportunity refers to the cover story in the latest issue of Carta Capital (www.cartacapital.com.br), written by Teletime staffers Rubens Glasberg and Samuel Possebon, to justify the proposal of a possible solution to its dispute with Previ. Opportunity is offering to swap its indirect holding in Telemar for Previ?s stake in Brasil Telecom, Telemig Celular and Amazônia Celular. However, Opportunity hasn?t specified the value of these assets or said how that value should be established. Nor has it set a deadline for Previ?s reply. The letter from Opportunity stresses that any deal will depend on approval from Anatel and other competent authorities. According to Previ?s press office, the pension fund?s view is that a ?genuine? offer should come with a clear price tag and be preceded by a green light from the regulator.
Despite its misgivings, Previ intends to study the proposal but sources linked to the pension funds don?t expect it to agree. ?The assets in question held by Previ are worth at least twice the value of Opportunity?s investment in Telemar,? says a source. Opportunity has offered to pay the difference, however. TELETIME News asked Opportunity for comment but none has so far been forthcoming.