With 1996 barely under way Merrill Lynch and JP Morgan struck an early blow in the battle for dominance in the Latin American underwriting league tables: they won the mandate to lead the upcoming international equity offering for Telefónica del Perú.
The announcement from the Peruvian government, which is disposing of its remaining 29% stake in the privatized telecoms utility, came on January 30 following several weeks of delay and growing suspense among the mostly US investment banks which were invited to pitch for the deal.
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