Brazil's Telesp Tumbles on Rumor of Canceled Buyout Offer

Tech Movers

TSC Staff

09/05/01 - 08:13 AM EDT

Brazilian cellular phone company Telesp Celular (TCP Quote) was down 24.7% in preopen Instinet trading on rumors Portugal Telecom (PT Quote) would withdraw its stock-swap buyout offer for the company.

Portugal Telecom, which has scheduled a press conference for later today, was up 4.4%. Shares of both companies were moving on the rumor during trading in Sao Paolo Tuesday.

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