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Chile’s Compania de Telecomunicaciones de Chile SA and VTR Telecomunicaciones SA have signed a deal to merge their cellular and personal telephone operations, said a source close to the talks. The pact involves creation of a new company to run wireless services in which Chile will hold 55% and VTR 45%, the source told Reuters. VTR will apparently have to provide $67m capital as its market share and assets are worth less than 45% of the new firm. SBC Communications Inc holds 40% of VTR which is part of the Luksic industrial group.

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