American fund acquires 5.4% of Telemar?s parent company

Brandes Investment Partners LLC, a global fund manager based in San Diego, Ca., has acquired 5.4% of Tele Norte Leste Participações, the holding company for Telemar. The ILEC announced the acquisition in an official notice to the CVM, Brazil?s securities and exchange regulator.
The deal comprises 21,097,202,000 preferred (nonvoting) shares in American Depositary Receipts (ADRs), corresponding to 8.1% of TNL?s preferred stock.
The Brandes fund also has a 5.49% stake in the equity of Portugal Telecom, which owns 50% of the Brazilian wireless carrier Vivo. Brandes recently acquired 9% of Companhia Siderúrgica Nacional (CSN), a major steel producer.

Under U.S. law, investment funds must notify the Securities & Exchange Commission (SEC) of equity acquisitions exceeding a certain amount. This is why Brandes told the SEC and TNL notified the CVM.