Previ expected to resume dispute with Opportunity

With the end of government intervention on Thursday, July 25, Previ will probably resume its dispute with Opportunity for control of Telemig Celular, Amazônia Celular and Brasil Telecom, says a well-informed source. Previ is one of Brazil?s largest pension funds. The source notes that the presidency of Previ will almost certainly be handed back to Luiz Tarquínio Sardinha Ferro, under whose aegis the fund began reviewing the shareholder agreements with Opportunity and litigating for the right to vote independently from Opportunity?s representatives on the telcos? boards. The source also says Sérgio Rosa will resume his seat on the executive committee as an appointee of the board members elected by pension fund participants. The legal dispute with Opportunity has cooled since the Government intervened in Previ on June 3, according to the source. Previ?s board meets July 25 to elect six new executive directors. Half the board members are appointees of Banco do Brasil (BB); the other half are appointees of fund participants, BB?s employees.


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