Brazilian Telecom HOLDRS was designed to provide owners with a single, exchange-listed American Depositary Receipt that represents ownership in ten companies that spun off in connection with the privatization and break up of the Brazilian telephone company, The Telecommunications Brasileiras SA. As of May 21, 2008, the basket of shares represented Brazilian Telecom HOLDRS contained four companies: TIM Participacoes SA, Brasil Telecom Participacoes SA, Tele Norte Celular Participacoes SA and Vivo Participacoes S.A.
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