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January 3, 1988

BOND CORP HOLDINGS WINS 30% STAKE IN CHILE TELEPHONE

By CBR Staff Writer

Australian entrepreneur – and 1983 Americas Cup winner – Alan Bond has beaten a consortium led by Compania Telefonica Nacional de Espana, and a local company Communicaciones Chile to win the 30% stake in the Chilean national phone company Chile Telephone Co, the former ITT subsidiary nationalised by Marxist president Salvador Allende, which is being part-privatised by President Pinochet’s government: Bond, through his Bond Corp Holdings Pty, will pay $122m for the 30%, and subscribe $149m for new shares, to give him 45%; the state will retain 20% and the public the balance.

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