Embratel Participacoes, the Brazil arm of Carlos Slim's Latin American telecom empire, decided to not delist shares of its Net Servicos subsidiary because minority shareholders said its offer was too low.
These investors, who own about 1.8 percent of Net's shares, were offered BRL 26.64 (USD 13.18) per share.
In June, Embratel said that it wanted to secure all of Net's outstanding shares not only in Brazil, but also those in the United States and in Spain.
The company added that if its proposal went forward it would make Net a private company.
Under the current structure, Globo Comunicacao owns 51 percent of Net Servicos' parent GB Empreendimentos while Telmex owns the remaining 49 percent stake.
Slim's moves in Brazil are just part of a broader strategy he is taking to expand his holdings outside of its home market in Mexico. Last month, Slim's America Movil (NYSE: AMX) expanded their role in the European telecom market by 4.1 per cent stake in Telekom Austria and a 27.7 per cent stake in KPN.
- TeleGeography has this article
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