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March 3, 1994

TELEFONICA DE ESPANA SA DEFENDS PERUVIAN ACQUISITIONS

By CBR Staff Writer

Despite the aspersions cast by Moody’s Investors Service Inc (page seven) – Telefonica de Espana SA has defended its Peruvian acquisitions, saying that the price guaranteed a profitable investment – of the total amount, $610m would be reinvested by the Peruvian government in the companies, and the activities covered in the acquisition, added to tax incentives related to the operation, meant the return on investment exceeded the opportunity costs of any other similar investment in Peru, and takes into account a dominant position in the Latin American telecommunications sector, and positioning in markets for cellular phones, multimedia and yellow pages – But even with the premium the investment is clearly profitable, Telefonica said; it is also negotiating with potential investors in Argentina and Chile that are likely to participate in the purchase of the two companies.

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