MADRID—Telefonica Moviles S.A. announced that due to the terrorist events of September 11 and their effect on international capital markets, it plans to cancel the public exchange offer announced February 27.
The exchange offer called for Telefonica Moviles to acquire the shares representing up to 100 percent of the share capital of the Brazilian company Celular CRT Participacoes S.A., which owns all share capital of operator Celular CRT.
In a release, Telefonica Mobiles said, “the current market volatility puts the efficient execution of the transaction at risk, making it advisable to cancel the offer.”
