-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WGMlhLNK+mCOjCnSkTCCm9hrFb6uUa9e6sqReVgiBjAnYf7QBuwDkRO3TZJoHaj/ TBuCGOTPtwcsVmBwjBRaVg== 0001144204-06-050168.txt : 20061128 0001144204-06-050168.hdr.sgml : 20061128 20061127182041 ACCESSION NUMBER: 0001144204-06-050168 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20061128 DATE AS OF CHANGE: 20061127 GROUP MEMBERS: BRANDES INVESTMENT PARTNERS, INC. GROUP MEMBERS: BRANDES WORLDWIDE HOLDINGS, L.P. GROUP MEMBERS: CHARLES H. BRANDES GROUP MEMBERS: GLENN R. CARLSON GROUP MEMBERS: JEFFREY A. BUSBY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TELE NORTE LESTE PARTICIPACOES SA CENTRAL INDEX KEY: 0001066113 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 000000000 STATE OF INCORPORATION: D5 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-78883 FILM NUMBER: 061240373 BUSINESS ADDRESS: STREET 1: HUMBERTO DE CAMPOS, N? 425 STREET 2: 8? ANDAR CITY: RIO DE JANEIRO - RJ STATE: D5 ZIP: 22641-560 BUSINESS PHONE: 3131-1315 MAIL ADDRESS: STREET 1: HUMBERTO DE CAMPOS, N? 425 STREET 2: 8? ANDAR CITY: RIO DE JANEIRO - RJ STATE: D5 ZIP: 22641-560 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BRANDES INVESTMENT PARTNERS, LP CENTRAL INDEX KEY: 0001015079 IRS NUMBER: 330704072 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 11988 EL CAMINO REAL STREET 2: SUITE 500 CITY: SAN DIEGO STATE: CA ZIP: 92130 BUSINESS PHONE: 8587550239 MAIL ADDRESS: STREET 1: 11988 EL CAMINO REAL STREET 2: SUITE 500 CITY: SAN DIEGO STATE: CA ZIP: 92130 FORMER COMPANY: FORMER CONFORMED NAME: BRANDES INVESTMENT PARTNERS LLC DATE OF NAME CHANGE: 20021203 FORMER COMPANY: FORMER CONFORMED NAME: BRANDES INVESTMENT PARTNERS L P DATE OF NAME CHANGE: 19990325 SC 13D/A 1 v059020_13d.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D/A (RULE 13D-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(A) (Amendment No. 1) Tele Norte Leste Participacoes S.A. (NAME OF ISSUER) American Depository Receipts (TITLE OF CLASS OF SECURITIES) 879246106 (CUSIP NUMBER) CARLA V. FOULKES BRANDES INVESTMENT PARTNERS, L.P. 11988 EL CAMINO REAL, SUITE 500 SAN DIEGO, CA 92130 858-755-0239 (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS) November 20, 2006 (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT) IF THE FILING PERSON HAS PREVIOUSLY FILED A STATEMENT ON SCHEDULE 13G TO REPORT THE ACQUISITION WHICH IS THE SUBJECT OF THIS SCHEDULE 13D, AND IS FILING THIS SCHEDULE BECAUSE OF RULE 13D-1(E), 13D-1(F) OR 13D-1(G), CHECK THE FOLLOWING BOX /X/. NOTE: SCHEDULES FILED IN PAPER FORMAT SHALL INCLUDE A SIGNED ORIGINAL AND FIVE COPIES OF THE SCHEDULE, INCLUDING ALL EXHIBITS. SEE RULE 13D-7 FOR OTHER PARTIES TO WHOM COPIES ARE TO BE SENT. * THE REMAINDER OF THIS COVER PAGE SHALL BE FILLED OUT FOR A REPORTING PERSON'S INITIAL FILING ON THIS FORM WITH RESPECT TO THE SUBJECT CLASS OF SECURITIES, AND FOR ANY SUBSEQUENT AMENDMENT CONTAINING INFORMATION WHICH WOULD ALTER DISCLOSURES PROVIDED IN A PRIOR COVER PAGE. THE INFORMATION REQUIRED ON THE REMAINDER OF THIS COVER PAGE SHALL NOT BE DEEMED TO BE "FILED" FOR THE PURPOSE OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934 ("ACT") OR OTHERWISE SUBJECT TO THE LIABILITIES OF THAT SECTION OF THE ACT BUT SHALL BE SUBJECT TO ALL OTHER PROVISIONS OF THE ACT (HOWEVER, SEE THE NOTES). SCHEDULE 13D CUSIP NO 879246106 - --------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Brandes Investment Partners, L.P. 33-0704072 - --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A (A) / / MEMBER OF A GROUP (SEE INSTRUCTIONS) (B) / / - --------------------------------------------------------------------- (3) SEC USE ONLY - --------------------------------------------------------------------- (4) SOURCE OF FUNDS (SEE INSTRUCTIONS) OO - --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL / / PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) - --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - --------------------------------------------------------------------- NUMBER OF SHARES (7) SOLE VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING PERSON ---------------------------------------------- WITH (8) SHARED VOTING POWER 20,310,927 ADR'S ---------------------------------------------- (9) SOLE DISPOSITIVE POWER ---------------------------------------------- (10) SHARED DISPOSITIVE POWER 25,641,415 ADR'S - --------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,641,415 ADR'S - --------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) - --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.82% - --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA, PN - --------------------------------------------------------------------- SCHEDULE 13D CUSIP NO 879246106 - --------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Brandes Investment Partners, Inc. 33-0090873 - --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A (A) / / MEMBER OF A GROUP (SEE INSTRUCTIONS) (B) / / - --------------------------------------------------------------------- (3) SEC USE ONLY - --------------------------------------------------------------------- (4) SOURCE OF FUNDS (SEE INSTRUCTIONS) OO - --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL / / PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) - --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION California - --------------------------------------------------------------------- NUMBER OF SHARES (7) SOLE VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING PERSON ---------------------------------------------- WITH (8) SHARED VOTING POWER 20,310,927 ADR'S ---------------------------------------------- (9) SOLE DISPOSITIVE POWER ---------------------------------------------- (10) SHARED DISPOSITIVE POWER 25,641,415 ADR'S - --------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,641,415 ADR'S are deemed to be beneficially owned by Brandes Investment Partners, Inc., as a control person of the investment adviser. Brandes Investment Partners, Inc. disclaims any direct ownership of the shares reported in this Schedule 13D, except for an amount that is substantially less than one percent of the number of shares reported herein. - --------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) - --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.82% - --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO - --------------------------------------------------------------------- SCHEDULE 13D CUSIP NO 879246106 - --------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Brandes Worldwide Holdings, L.P. 33-0836630 - --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A (A) / / MEMBER OF A GROUP (SEE INSTRUCTIONS) (B) / / - --------------------------------------------------------------------- (3) SEC USE ONLY - --------------------------------------------------------------------- (4) SOURCE OF FUNDS (SEE INSTRUCTIONS) OO - --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL / / PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) - --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - --------------------------------------------------------------------- NUMBER OF SHARES (7) SOLE VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING PERSON ---------------------------------------------- WITH (8) SHARED VOTING POWER 20,310,927 ADR'S ---------------------------------------------- (9) SOLE DISPOSITIVE POWER ---------------------------------------------- (10) SHARED DISPOSITIVE POWER 25,641,415 ADR'S - --------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,641,415 ADR'S are deemed to be beneficially owned by Brandes Worldwide Holdings, LP as a control person of the investment adviser. Brandes Worldwide Holdings, LP disclaims any direct ownership of the shares reported in this Schedule 13D. - --------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) - --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.82% - --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - --------------------------------------------------------------------- SCHEDULE 13D CUSIP NO 879246106 - --------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Charles H. Brandes - --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A (A) / / MEMBER OF A GROUP (SEE INSTRUCTIONS) (B) / / - --------------------------------------------------------------------- (3) SEC USE ONLY - --------------------------------------------------------------------- (4) SOURCE OF FUNDS (SEE INSTRUCTIONS) PF - --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL / / PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) - --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION USA - --------------------------------------------------------------------- NUMBER OF SHARES (7) SOLE VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING PERSON ---------------------------------------------- WITH (8) SHARED VOTING POWER 20,310,927 ADR'S ---------------------------------------------- (9) SOLE DISPOSITIVE POWER ---------------------------------------------- (10) SHARED DISPOSITIVE POWER 25,641,415 ADR'S - --------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,641,415 ADR'S are deemed to be beneficially owned by Charles H. Brandes, a control person of the investment adviser. Mr. Brandes disclaims any direct ownership of the shares reported in this Schedule 13D, except for an amount that is substantially less than one percent of the number of shares reported herein. - --------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) - --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.82% - --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - --------------------------------------------------------------------- PAGE> SCHEDULE 13D CUSIP NO 879246106 - --------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Glenn R. Carlson - --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A (A) / / MEMBER OF A GROUP (SEE INSTRUCTIONS) (B) / / - --------------------------------------------------------------------- (3) SEC USE ONLY - --------------------------------------------------------------------- (4) SOURCE OF FUNDS (SEE INSTRUCTIONS) PF - --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL / / PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) - --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION USA - --------------------------------------------------------------------- NUMBER OF SHARES (7) SOLE VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING PERSON ---------------------------------------------- WITH (8) SHARED VOTING POWER 20,310,927 ADR'S ---------------------------------------------- (9) SOLE DISPOSITIVE POWER ---------------------------------------------- (10) SHARED DISPOSITIVE POWER 25,641,415 ADR'S - --------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,641,415 ADR'S are deemed to be beneficially owned by Glenn R. Carlson, a control person of the investment adviser. Mr. Carlson disclaims any direct ownership of the shares reported in this Schedule 13D, except for an amount that is substantially less than one percent of the number of shares reported herein. - --------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) - --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.82% - --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - --------------------------------------------------------------------- PAGE> SCHEDULE 13D CUSIP NO 879246106 - --------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey A. Busby - --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A (A) / / MEMBER OF A GROUP (SEE INSTRUCTIONS) (B) / / - --------------------------------------------------------------------- (3) SEC USE ONLY - --------------------------------------------------------------------- (4) SOURCE OF FUNDS (SEE INSTRUCTIONS) PF - --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL / / PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) - --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION USA - --------------------------------------------------------------------- NUMBER OF SHARES (7) SOLE VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING PERSON ---------------------------------------------- WITH (8) SHARED VOTING POWER 20,310,927 ADR'S ---------------------------------------------- (9) SOLE DISPOSITIVE POWER ---------------------------------------------- (10) SHARED DISPOSITIVE POWER 25,641,415 ADR'S - --------------------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,641,415 ADR'S are deemed to be beneficially owned by Jeffrey A. Busby, a control person of the investment adviser. Mr. Busby disclaims any direct ownership of the shares reported in this Schedule 13D, except for an amount that is substantially less than one percent of the number of shares reported herein. - --------------------------------------------------------------------- (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) - --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.82% - --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - --------------------------------------------------------------------- Introduction This Amendment No. 1 (this "Amendment") to the Schedule 13D of Brandes Investment Partners, L.P., Brandes Investment Partners, Inc., Brandes Worldwide Holdings, L.P., Charles H. Brandes, Glenn R. Carlson, and Jeffrey A. Busby (collectively, the "Reporting Persons") filed on June 13, 2006 (the "Initial 13D") relates to the American Depositary Receipts of Tele Norte Leste Participacoes S.A. (the "Issuer"). The Initial 13D together with this Amendment shall be collectively referred to herein as the "Schedule 13D". Items 1-7 of the Schedule 13D are hereby amended and restated in their entirety. ITEM 1. SECURITY AND ISSUER. The American Depository Receipts of Tele Norte Leste Participacoes S.A. ITEM 2. IDENTITY AND BACKGROUND. 2(a) (i) Brandes Investment Partners, L.P. (ii) Brandes Investment Partners, Inc. (iii) Brandes Worldwide Holdings, L.P. (iv) Charles H. Brandes (v) Glenn R. Carlson (vi) Jeffrey A. Busby 2(b) (i) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (ii) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (iii) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (iv) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (v) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (vi) 11988 El Camino Real, Suite 500, San Diego, CA 92130 2(c) (i) Investment Adviser (ii) Holding Company (iii) Holding Company (iv) Chairman of Brandes Investment Partners, L.P. (v) Chief Executive Officer of Brandes Investment Partners, L.P. (vi) Executive Director of Brandes Investment Partners, L.P. 2(d-e) During the last five years the reporting persons identified in 2(a)(i)-(vi) have not been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) or been a party to any civil proceeding and as a result thereof were not or are not subject to any judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws. 2(f) (i) Delaware (ii) California (iii) Delaware (iv) USA (v) USA (vi) USA ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Shares of the Issuer were previously acquired for and on behalf of clients of Brandes Investment Partners, L.P. in the normal course of its business, using assets of the clients. ITEM 4. PURPOSE OF TRANSACTION. Note: The Reporting Persons believe the ADRs that they are deemed to beneficially own are part of a class of non-voting securities, as that term is used in Rule 13d-1(i) promulgated under the Securities Exchange Act of 1934 and that, therefore, they have no reporting obligation under Rule 13d-1. Moreover, the Reporting Persons do not believe that they hold the ADRs with a purpose or effect of changing or influencing the control of the Issuer or in connection with or as a participant in any transaction having that purpose or effect. This filing is made solely to preserve their options. ADRs of the Issuer were previously acquired in the normal course of business for and on behalf of clients of Brandes Investment Partners, L.P. as investment adviser and previously reported on Schedule 13G. Subsequent to the filing of the Initial 13D, additional ADRs were acquired from time to time in open market purchases. In April 2006, Tele Norte Leste Participacoes S.A. announced a proposed restructuring plan that migrates all voting shares (ON's, or common stock) and non-voting shares (PN's, or preferred stock) to a new and single share class, one in which all shares have voting rights. In exchange for "sharing the control premium" with all shareholders, the current ON shareholders will be given an increased economic stake in the company, at the expense of PN shareholders. Specifically, the PN shareholders would see their economic stake in the company fall by over a third from 55% to 36%. The Reporting Persons, whose clients collectively are the beneficial owners of approximately 9.82% of the outstanding PN shares of the Issuer through their ownership of American Depositary Receipts, believe that the voting structure of the proposed restructuring is unfair. As proposed, the PN shareholders will vote alongside the ON shareholders who have opposite incentives to the PN shareholders. The ON shareholders will be voting jointly with PN shareholders in a single vote. The ON shareholders will be participating in a decision that should be separate from the one to be made by PN shareholders. The PN shareholders, as holders of preferred shares, are voting whether or not this transaction is worth "giving away" their preference on dividends, for example. The Reporting Persons believe that there should be two separate votes to approve the restructuring. In addition to the common vote, all shares that are not voted will be counted as voting FOR the restructuring. Given the fragmented PN shareholder base, the Reporting Persons believe that it is likely that a substantial percentage of the PN shareholders will not participate in a vote on the restructuring. The Reporting Persons believe that, in accordance with principles of proper corporate governance, shares not voted at the shareholder meeting should not be counted either for or against the restructuring. As a result of their belief that the voting structure for the proposed restructuring is unfair, the Reporting Persons, along with other PN shareholders, who together constitute less than 10% of the total outstanding shares of the Issuer, have hired Brazilian counsel to represent them before the Brazilian securities commission (Comissao de Valores Mobiliarios) with respect to issues related to the fairness of the vote on the proposed restructuring. In addition, because the Reporting Persons believe that the terms of the proposed restructuring give too much of an economic interest in the post-restructuring company to the current ON shareholders, the Reporting Persons currently intend to vote against the proposed restructuring. The Reporting Persons may also explore other possible avenues to improve the voting structure for the proposed restructuring and to optimize their clients' return on their investment in the Issuer and thus to maximize shareholder value. In furtherance of the foregoing, the Reporting Persons plan to continue to analyze the proposed restructuring and the business prospects of the Issuer. The Reporting Persons may also engage in discussions with other shareholders of the Issuer and third parties to explore options to improve the voting structure for the proposed restructuring and enhance shareholder value. Additionally, the Reporting Persons may seek to hold discussions with third parties or with management of the Issuer to suggest possible changes in the proposed restructuring to improve the voting structure and enhance shareholder value. The discussions described above may relate to one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D. However, presently the Reporting Persons do not intend to seek control of the Issuer or participate in the management of the Issuer. The Reporting Persons reserve the right to acquire additional securities of the Issuer, to dispose of such securities at any time or to formulate other purposes, plans or proposals regarding the Issuer or any of its securities, to the extent deemed advisable in light of their general investment and trading policies, market conditions or other factors. Except as set forth above, the Reporting Persons have no plan or proposal which relates to one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D (although they reserve the right to develop such plans or proposals). ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. Subsequent to the filing if the Initial 13D, the Reporting Persons have, from time to time, acquired additional ADRs of the Issuer in various market transactions. AS of November 20, 2006, 25,641,415 ADR'S are deemed to be beneficially owned by Brandes Investment Partners L.P., Brandes Investment Partners, Inc, and Brandes Worldwide Holdings, L.P., Charles Brandes, Glenn Carlson, and Jeffrey Busby (collectively "control persons"), as control persons of the investment adviser, Brandes Investment Partners, L.P. The control persons each disclaim any direct ownership of the shares reported in this Schedule 13D, except for an amount that is substantially less than one percent of the number of shares reported herein. Set forth on Exhibit C is a list of transactions in the class of securities reported herein that were effected during the past 60 days. Exhibit C is hereby incorporated by reference. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None. ITEM 7. MATERIALS TO BE FILED AS EXHIBITS. Exhibit A Disclaimer of Beneficial Ownership, incorporated by reference to Exhibit A of Schedule 13D for Tele Norte Leste Participacoes filed with the Initial 13D on June 13, 2006. Exhibit B Power of Attorney for Charles H. Brandes, Glenn. R. Carlson, and Jeffrey A. Busby, incorporated by reference to Exhibit B of Schedule 13D for Tele Norte Leste Participacoes filed with the Initial 13D on June 13, 2006. Exhibit C Description of Transactions Brandes Investment Partners, L.P. previously acquired shares of Tele Norte Leste Participacoes during the normal course of business on the open market on behalf of its clients Trade Date Transaction Total Securities Involved Average Price 9/20/2006 SELL -680 12.12 9/20/2006 SELL -70 12.12 9/21/2006 BUY 230 12.53 9/22/2006 SELL -110 12.44 9/22/2006 SELL -630 12.44 9/25/2006 BUY 180 12.63 9/25/2006 SELL -100 12.55 9/25/2006 SELL -200 12.55 9/26/2006 SELL -75 13.31 9/26/2006 SELL -330 13.31 9/27/2006 SELL -380 13.23 9/28/2006 BUY 730 13.36 9/28/2006 SELL -80 13.36 10/2/2006 BUY 5505 13.69 10/3/2006 SELL -270 14.22 10/4/2006 BUY 700000 14.34 10/4/2006 BUY 350 15.86 10/4/2006 SELL -150 14.55 10/5/2006 BUY 600000 14.69 10/5/2006 SELL -280 14.76 10/5/2006 SELL -732 14.76 10/6/2006 BUY 480100 14.69 10/10/2006 BUY 280 14.83 10/10/2006 SELL -150 14.63 10/11/2006 BUY 562100 14.64 10/11/2006 SELL -320 14.63 10/12/2006 BUY 4400 14.66 10/13/2006 BUY 155000 14.95 10/13/2006 SELL -110 14.45 10/16/2006 BUY 150000 15.12 10/16/2006 SELL -370 15.15 10/17/2006 BUY 318600 15.16 10/17/2006 SELL -80 15.14 10/18/2006 SELL -80 14.81 10/19/2006 SELL -190 14.84 10/24/2006 BUY 50 14.82 10/24/2006 BUY 29 8.64 10/25/2006 BUY 910 14.59 10/26/2006 SELL -640 14.92 11/1/2006 BUY 450 14.64 11/1/2006 SELL -5400 14.62 11/1/2006 SELL -540 14.62 11/3/2006 SELL -90 14.75 11/3/2006 SELL -4200 14.75 11/6/2006 SELL -537 15.29 11/7/2006 SELL -460 15.29 11/8/2006 SELL -790 15.29 11/9/2006 SELL -310 15.29 11/10/2006 BUY 1850 14.9 11/10/2006 SELL -2160 14.85 11/14/2006 SELL -330 15.58 11/15/2006 BUY 365 13.58 11/20/2006 BUY 140 13.64 SIGNATURE AFTER REASONABLE INQUIRY AND TO THE BEST OF MY KNOWLEDGE AND BELIEF, I CERTIFY THAT THE INFORMATION SET FORTH IN THIS STATEMENT IS TRUE, COMPLETE AND CORRECT. DATED: November 27, 2006 BRANDES INVESTMENT PARTNERS, L.P. By: /s/ Adelaide Pund Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, President of Brandes Investment Partners, Inc., a Member BRANDES INVESTMENT PARTNERS, INC. By: /s/ Adelaide Pund Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, President BRANDES WORLDWIDE HOLDINGS, L.P. By: /s/ Adelaide Pund Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, President of Brandes Investment Partners, Inc., its General Partner By: /s/ Adelaide Pund Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, Control Person By: /s/ Adelaide Pund Adelaide Pund as Attorney-In-Fact for Glenn R. Carlson, Control Person By: /s/ Adelaide Pund Adelaide Pund as Attorney-In-Fact for Jeffrey A. Busby, Control Person -----END PRIVACY-ENHANCED MESSAGE-----