(Associated Press via NewsEdge) Egypt's Orascom Telecom said it has bid for a stake in Brazilian phone company Brasil Telecom Participacoes, the third-largest fixed-line operator in Latin America's most populous nation.
The bid is being assessed by Telecom Italia, a major shareholder in Brasil Telecom, Orascom's CEO Naguib Sawiris told Dow Jones Newswires.
Sawiris would not disclose the amount of the bid made by Orascom Telecom Holding, the Middle East's largest telecommunications operator by market capitalization.
Brasil Telecom also offers wireless and Internet broadband services.
Telecom Italia left the controlling group of Brasil Telecom in 2002 just before a lengthy battle began for control of the company.
Citigroup and a bloc of Brazilian pension funds have controlled Brasil Telecom since September 2005.
Telecom Italia International holds a 38% stake in Solpart Participacoes, which is Brasil Telecom's holding company.
Orascom is a major telecommunications operator in the Middle East, Africa and South Asia but does not currently operate in Latin America. It had over 50 million subscribers as of December.
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