ETB's investor search fails over lack of bidders

Friday 3 September 2010 | 07:39 CET

Colombian state-controlled operator Empresa de Telecomunicaciones de Bogota (ETB) has stopped its investor search. ETB was planning to sell a controlling stake of 36.6 percent in the company to a new partner in a public auction scheduled for 15 September. Prequalified bidders had until 1 September to submit their offers. However, ETB received no bid, the company said in a filing to the Colombian stock exchange market regulator. "The company will keep on working to add value for its shareholders," ETB said. At the beginning of July, Colombia's Superintendency of Industry and Commerce (SIC) authorized Telefonica to bid for the ETB stake. ETB did not release a complete list of interested parties. However, besides Telefonica, Millicom International Cellular and Telmex were also reported to have shown interest in the acquisition.