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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3 ) *
-----------
Telecom Argentina Stet - France Telecom S.A.
-----------------------------------------------------------------
(Name of Issuer)
American Depository Receipts and Class B Shares
-----------------------------------------------------------------
(Title of Class of Securities)
879273209
--------------------------
(CUSIP Number)
December 31, 2003
-----------------------------------------------------------------
(Date of Event Which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1 (b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* 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 the
disclosures provided in a prior cover page.
The information required in 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).
Page 2 of 17
CUSIP No. 879273209
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1. Names of Reporting Persons. Brandes Investment Partners, LLC
I.R.S. Identification Nos. of
above persons (entities only) 33-0704072
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4 Citizenship or place of organization Delaware
--------------------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares --------------------------------------------------------------
Beneficially 6 Shared Voting Power 8,342,003 ADR and 657,440 ORD
Owned --------------------------------------------------------------
By Each 7 Sole Dispositive Power
Reporting --------------------------------------------------------------
Person With. 8 Shared Dispositive Power 10,987,818 ADR and 657,440 ORD
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,987,818 ADR and 657,440 ORD
--------------------------------------------------------------------------------
10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) | |
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9) 12.7%
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12 Type of Reporting Person (See Instructions) IA, PN
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Page 3 of 17
CUSIP No. 879273209
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Brandes Investment Partners, Inc.
I.R.S. Identification Nos. of above persons (entities only) 33-0090873
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4 Citizenship or place of organization California
--------------------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares --------------------------------------------------------------
Beneficially 6 Shared Voting Power 8,342,003 ADR and 657,440 ORD
Owned --------------------------------------------------------------
By Each 7 Sole Dispositive Power
Reporting --------------------------------------------------------------
Person With. 8 Shared Dispositive Power 10,987,818 ADR and 657,440 ORD
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,987,818 ADR and 657,440 ORD shares are deemed to be beneficially owned by
Brandes Investment Partners, Inc., as a control person of the investment
adviser. Brandes Investment adviser. Brandes Investment Partners, Inc.
disclaims any direct ownership of the shares reported in this Schedule 13G,
except for an amount that is substantially less than one per cent of the
number of shares reported herein.
--------------------------------------------------------------------------------
10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) | |
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9) 12.7%
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions) CO, OO (Control Person)
--------------------------------------------------------------------------------
Page 4 of 17
CUSIP No. 879273209
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Brandes Worldwide Holdings, L.P.
I.R.S. Identification Nos. of above persons (entities only) 33-0836630
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4 Citizenship or place of organization Delaware
--------------------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares --------------------------------------------------------------
Beneficially 6 Shared Voting Power 8,342,003 ADR and 657,440 ORD
Owned --------------------------------------------------------------
By Each 7 Sole Dispositive Power
Reporting --------------------------------------------------------------
Person With. 8 Shared Dispositive Power 10,987,818 ADR and 657,440 ORD
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,987,818 ADR and 657,440 ORD shares are deemed to be beneficially owned by
Brandes Worldwide Holdings, L.P., as a control person of the investment
adviser. Brandes Worldwide Holdings, L.P., disclaims any direct ownership of
the shares reported in this Schedule 13G.
--------------------------------------------------------------------------------
10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) | |
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9) 12.7%
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions) PN, OO (Control Person)
--------------------------------------------------------------------------------
Page 5 of 17
CUSIP No. 879273209
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Charles H. Brandes
I.R.S. Identification Nos. of above persons (entities only)
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4 Citizenship or place of organization USA
--------------------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares --------------------------------------------------------------
Beneficially 6 Shared Voting Power 8,342,003 ADR and 657,440 ORD
Owned --------------------------------------------------------------
By Each 7 Sole Dispositive Power
Reporting --------------------------------------------------------------
Person With. 8 Shared Dispositive Power 10,987,818 ADR and 657,440 ORD
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,987,818 ADR and 657,440 ORD shares 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 13G,
except for an amount that is substantially less than one per cent of the
number of shares reported herein.
--------------------------------------------------------------------------------
10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) | |
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9) 12.7%
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions) IN, OO (Control Person)
--------------------------------------------------------------------------------
Page 6 of 17
CUSIP No. 879273209
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Glenn R. Carlson
I.R.S. Identification Nos. of above persons (entities only)
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4 Citizenship or place of organization USA
--------------------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares --------------------------------------------------------------
Beneficially 6 Shared Voting Power 8,342,003 ADR and 657,440 ORD
Owned --------------------------------------------------------------
By Each 7 Sole Dispositive Power
Reporting --------------------------------------------------------------
Person With. 8 Shared Dispositive Power 10,987,818 ADR and 657,440 ORD
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,987,818 ADR and 657,440 ORD shares are deemed to be beneficially owned by
Glenn R. Carlson as a control person of the investment adviser. Mr. Carlson
disclaims any direct ownership of the shares reported in this Schedule 13G,
except for an amount that is substantially less than one per cent of the
number of shares reported herein.
--------------------------------------------------------------------------------
10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) | |
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9) 12.7%
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions) IN, OO (Control Person)
--------------------------------------------------------------------------------
Page 7 of 17
CUSIP No. 879273209
--------------------------------------------------------------------------------
1. Names of Reporting Persons. Jeffrey A. Busby
I.R.S. Identification Nos. of
above persons (entities only)
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4 Citizenship or place of organization USA
--------------------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares --------------------------------------------------------------
Beneficially 6 Shared Voting Power 8,342,003 ADR and 657,440 ORD
Owned --------------------------------------------------------------
By Each 7 Sole Dispositive Power
Reporting --------------------------------------------------------------
Person With. 8 Shared Dispositive Power 10,987,818 ADR and 657,440 ORD
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,987,818 ADR and 657,440 ORD shares 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 13G,
except for an amount that is substantially less than one per cent of the
number of shares reported herein.
--------------------------------------------------------------------------------
10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) | |
--------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9) 12.7%
--------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions) IN, OO (Control Person)
--------------------------------------------------------------------------------
Page 8 of 17
Item 1(a) Name of Issuer:
Telecom Argentina Stet - France Telecom S.A.
Item 1(b) Address of Issuer's Principal Executive Offices:
Alicia Moreau de Justo 50, 1107 Buenos Aires, Argentina
Item 2(a) Name of Person Filing:
(i) Brandes Investment Partners, LLC
(ii) Brandes Investment Partners, Inc.
(iii) Brandes Worldwide Holdings, L.P.
(iv) Charles H. Brandes
(v) Glenn R. Carlson
(vi) Jeffrey A. Busby
Item 2(b) Address of Principal Business office or, if None, Residence:
(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
Item 2(c) Citizenship
(i) Delaware
(ii) California
(iii) Delaware
(iv) USA
(v) USA
(vi) USA
Page 9 of 17
Item 2(d) Title of Class Securities:
American Depository Reciepts and Common Shares
Item 2(e) CUSIP Number:
879273209
Item 3. If this statement is filed pursuant to ss.ss. 240.13d-1(b), or
240.13d-2(b) or (c), check whether the person filing is a:
(a) |_| Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C.
78c).
(c) |_| Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C. 78c).
(d) |_| Investment company registered under section 8 of the
Investment Company Act (15 U.S.C. 80a-8).
(e) |_| An investment adviser in accordance with ss.
240.13d-1(b)(1)(ii)(E).
(f) |_| An employee benefit plan or endowment fund in accordance
with ss. 240.13d-1(b)(ii)(F).
(g) |_| A parent holding company or control person in accordance
with ss. 240.13d-1(b)(1)(ii)(G).
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) |_| A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the
InvestmentCompany Act of 1940 (15 U.S.C. 80a-3).
(j) |X| Group, in accordance withss.240.13d-1(b)(1)(ii)(J).
This statement is filed by Brandes Investment Partners, LLC, an
investment adviser registered under the Investment Advisers Act of
1940, its control persons and its holding company. (See, also,
Exhibit A.)
Item 4. Ownership:
(a) Amount Beneficially Owned: 10,987,818 ADR and 657,440 ORD
(b) Percent of Class: 12.7%
(c) Number of shares as to which the joint filers have:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote:
8,342,003 ADR and 657,440 ORD
(iii) sole power to dispose or to direct the disposition
of: 0
(iv) shared power to dispose or to direct the disposition
of: 10,987,818 ADR and 657,440 ORD
Page 10 of 17
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class securities, check the
following | |. N/A
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company.
N/A
Item 8. Identification and Classification of Members of the Group.
See Exhibit A
Item 9. Notice of Dissolution of Group.
N/A
Item 10. Certification:
(a) The following certification shall be included if the
statement is filed pursuant to ss. 240.13d-1(b):
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired and held in the ordinary course of business and
were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any
transaction having that purpose or effect.
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.
Date: February 17, 2004
BRANDES INVESTMENT PARTNERS, LLC
By: /s/ Adelaide Pund
-------------------------------------------
Adelaide Pund as Attorney-In-Fact for
Charles H. Brandes, President of
Brandes Investment Partners, Inc., a Member
Page 11 of 17
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
Page 12 of 17
EXHIBIT A
IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1) under the Securities and
Exchange Act of 1934, the members of the group making this joint filing are
identified and classified as follows:
NAME CLASSIFICATION
Brandes Investment Partners, LLC (the "Investment Investment adviser registered under Investment
Adviser") Advisers Act of 1940
Brandes Investment Partners, Inc. A control person of the Investment Adviser
Brandes Worldwide Holdings, L.P. A control person of the Investment Adviser
Charles H. Brandes A control person of the Investment Adviser
Glenn R. Carlson A control person of the Investment Adviser
Jeffrey A. Busby A control person of the Investment Adviser
Page 13 of 17
EXHIBIT B
JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1
This agreement is made pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1)
under the Securities and Exchange Act of 1934 (the "Act") by and among the
parties listed below, each referred to herein as a "Joint Filer." The Joint
Filers agree that a statement of beneficial ownership as required by Sections
13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their
behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint
filing may thereafter be amended by further joint filings. The Joint Filers
state that they each satisfy the requirements for making a joint filing under
Rule 13d-1.
Dated: February 14, 2003
BRANDES INVESTMENT PARTNERS, LLC
By: /s/ Charles H. Brandes
--------------------------------
Charles H. Brandes, President of
Brandes Investment Partners,
Inc., a Member
BRANDES INVESTMENT PARTNERS, INC.
By: /s/ Charles H. Brandes
--------------------------------
Charles H. Brandes, President
BRANDES WORLDWIDE HOLDINGS, L.P.
By: /s/ Charles H. Brandes
--------------------------------
Charles H. Brandes, President of
Brandes Investment Partners,
Inc., its General Partner
By: /s/ Charles H. Brandes
--------------------------------
Charles H. Brandes, Control Person
By: /s/ Glenn R. Carlson
--------------------------------
Glenn R. Carlson, Control Person
By: /s/ Jeffrey A. Busby
--------------------------------
Jeffrey A. Busby, Control Person
Page 14 of 17
EXHIBIT C
DISCLAIMER OF BENEFICIAL OWNERSHIP
Brandes Investment Partners, Inc., Brandes Worldwide Holdings, L.P., Charles H.
Brandes, Glenn R. Carlson and Jeffrey A. Busby, disclaim beneficial interest as
to the shares referenced above, except for an amount equal to substantially less
than one percent of the shares reported on this Schedule 13G. None of these
entities or individuals holds the above-referenced shares for its/his own
account except on a de minimis basis.
Page 15 of 17
EXHIBIT D
POWER OF ATTORNEY FOR
SCHEDULES 13G AND FORMS 13F
I, Charles Brandes, as director and president of Brandes Investment Partners,
Inc., which is a General Partner of Brandes Worldwide Holdings, L.P., and which
is also a member of Brandes Investment Partners, LLC, hereby appoint Ian N. Rose
and Adelaide Pund as attorneys-in-fact and agents, in all capacities, to
execute, on my behalf and on behalf of Brandes Investment Partners, Inc.,
Brandes Investment Partners, LLC, and Brandes Worldwide Holdings, L.P., to file
with the appropriate issuers, exchanges and regulatory authorities, any and all
Schedules 13G and Forms 13F and documents relating thereto required to be filed
under the Securities and Exchange Act of 1934, including exhibits, attachments
and amendments thereto and request for confidential treatment of information
contained therein in connection with my being a "control person" (as
contemplated for purposes of Schedule 13G and Form 13F) of Brandes Investment
Partners, LLC, its subsidiaries and affiliates. I hereby grant to said
attorneys-in-fact full authority to do every act necessary to be done in order
to effectuate the same as fully, to all intents and purposes, as I could if
personally present, thereby ratifying all that said attorneys-in-fact and agents
may lawfully do or cause to be done by virtue hereof.
I hereby execute this Power of Attorney as of this 17th day of February 2004.
/s/ Charles H. Brandes
----------------------
Charles H. Brandes
Page 16 of 17
EXHIBIT D
POWER OF ATTORNEY FOR SCHEDULES 13G
I, Glenn R. Carlson, hereby appoint Ian N. Rose and Adelaide Pund as
attorneys-in-fact and agents, in all capacities, to execute, on my behalf, and
to file with the appropriate issuers, exchanges and regulatory authorities, any
and all Schedules 13G and documents relating thereto required to be filed under
the Securities and Exchange Act of 1934, including exhibits, attachments and
amendments thereto and request for confidential treatment of information
contained therein in connection with my being a "control person" (as
contemplated for purposes of Schedule 13G) of Brandes Investment Partners, LLC,
its subsidiaries and affiliates. I hereby grant to said attorneys-in-fact full
authority to do every act necessary to be done in order to effectuate the same
as fully, to all intents and purposes, as I could if personally present, thereby
ratifying all that said attorneys-in-fact and agents may lawfully do or cause to
be done by virtue hereof.
I hereby execute this Power of Attorney as of this 17th day of February 2004.
/s/ Glenn R. Carlson
--------------------
Glenn R. Carlson
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EXHIBIT D
POWER OF ATTORNEY FOR SCHEDULES 13G
I, Jeffrey A. Busby hereby appoint Ian N. Rose and Adelaide Pund as
attorneys-in-fact and agents, in all capacities, to execute, on my behalf, and
to file with the appropriate issuers, exchanges and regulatory authorities, any
and all Schedules 13G and documents relating thereto required to be filed under
the Securities and Exchange Act of 1934, including exhibits, attachments and
amendments thereto and request for confidential treatment of information
contained therein in connection with my being a "control person" (as
contemplated for purposes of Schedule 13G) of Brandes Investment Partners, LLC,
its subsidiaries and affiliates. I hereby grant to said attorneys-in-fact full
authority to do every act necessary to be done in order to effectuate the same
as fully, to all intents and purposes, as I could if personally present, thereby
ratifying all that said attorneys-in-fact and agents may lawfully do or cause to
be done by virtue hereof.
I hereby execute this Power of Attorney as of this 17th day of February 2004.
/s/ Jeffrey A. Busby
--------------------
Jeffrey A. Busby