BMI Holds Firm On Consolidation View

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The search for a strategic investor in Bogotá incumbent Empresa de Telecomunicaciones de Bogotá (ETB) appears to finally be over after the board of directors announced it would not reopen the process. Following the announcement that the company would seek a strategic investor in March 2009, it has been a rocky road for ETB, and one that has seen its share price drop sharply. While the end of uncertainty is an improvement for the company, BMI still believes that Colombia's municipal telecoms operators, of which ETB is the largest, will need some access to expertise and funding that consolidation or acquisitions can bring. _x000d_