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TELECOMS; Telefonica gets a boost in Terra case.(Brief Article)

Utility Week

| October 10, 2003 | COPYRIGHT 2003 Reed Business Information Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Spanish prosecutors have asked a judge to dismiss the lawsuit filed by local insurance and bank association Adicae against Telefonica's e1.72 billion bid for internet company Terra-Lycos.

Ignacio Gardillo, a prosecutor with the Spanish high court, asked judge Guillermo Ruiz de Polanco to close the case because he did not find any wrongdoing by Telefonica. This signalled that Adicae may have a hard time making its case.

In its lawsuit, Adicae claimed Telefonica's takeover of beleaguered Terra would mean big losses for small investors. It said Terra had a 'turbulent' past and had ...

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