Little credence given to rumors of Telemar?s interest in acquiring Embratel

Equity analysts aren?t giving too much credence to recent rumors that Telemar is seriously interested in acquiring Embratel. Questioned by TELETIME News, several analysts said they wouldn?t bet on acquisition of Embratel by Telemar or indeed any other local exchange carrier until the law is changed. The same goes for Intelig, which Brasil Telecom recently said it might think of acquiring. The General Telecommunications Act virtually rules out major ownership changes involving incumbents for the time being, they noted. ?Nothing is likely to move on this front before next year,? said one analyst. ?Congress won?t find time for amendments to the Act in an election year, and anyway the financial problems global telecoms players face are just too complicated. WorldCom might well like to dispose of Embratel but the conditions aren?t there right now.?

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