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July 2, 1990

TELEFONICA DE ESPANA AND BELL ATLANTIC WIN 60% SHAREHOLDINGS IN EMPRESA NACIONAL DE TELECOMMUNICATIONS

By CBR Staff Writer

President Carlos Menem duly awarded Telefonica de Espana SA and Bell Atlantic Corp 60% shareholdings in the northern and the southern halves of Empresa Nacional de Telecommunicaciones, the Argentine national phone company: the remaining 40% of the company will be split 25% for public flotation, 10% for employees, 5% to local telephone co-operatives; formal handover is planned to take place on October 8 after the flotation is completed.

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