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M&A
America Movil still interested in Embratel
sexta-feira, 13 de junho de 2003 , 12h20 | POR REDAÇÃO

In conversations with analysts, executives of Mexico?s America Movil have reiterated their interest in Embratel, Telecom Argentina, and some operators that Telecom Italia Mobile (TIM) wants to sell in the region. America Movil controls Telecom Americas in Brazil. Telecom Argentina is controlled by France Telecom.
America Movil?s lead stock (AMX) has performed strongly in recent weeks, largely thanks to a recovery of international investor confidence in Brazil. However, some analysts don?t see Embratel as a Buy at the moment.
Embratel is ?the worst choice?, according to Jeffrey Noble of BBVA Securities, for example. The incumbent long-distance carrier can?t be profitable without generating strong revenue from local service, he argues. Furthermore, Embratel stock is no longer cheap, and synergies with Telecom Americas would be marginal.

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