Bellsouth Corp
5 December 2000
FOR MORE INFORMATION, CONTACT: Pattie Kushner
BellSouth Corporation
(404) 249-2365
Jeff Battcher
BellSouth Corporation
(404) 713-0274
BellSouth Shareholders Approve Latin America Group
Tracking Stock Proposal
ATLANTA - December 5, 2000 - BellSouth Corporation (NYSE: BLS) today
announced that its shareholders voted by a significant margin to approve
amendments to BellSouth's charter, stock plan and by-laws that will allow
the creation of the BellSouth Latin America group tracking stock. The
preliminary approval was announced today at a special meeting of
shareholders in Atlanta, Georgia.
Approval of the amendments allows the company to create a tracking stock
capital structure that will permit the creation of a Latin American group
stock and a BLS group stock. The Latin America group stock is intended to
reflect or to 'track' the separate performance of BellSouth's operations
in Latin America while the BLS group stock will track the performance of
all other BellSouth operations.
BellSouth plans to sell in a public offering shares of the Latin America
group stock that are intended to represent 10-20 percent of the estimated
value of the Latin America group. It will determine the timing of the
public offering and amount to be issued based on capital requirements of
the Latin America group, market conditions and other factors.
About BellSouth Corporation
BellSouth Corporation is an integrated communications services company
headquartered in Atlanta, GA serving more than 41 million customers in
the United States and 16 other countries. BellSouth, consistently
recognized for customer satisfaction, provides residential, business and
wholesale customers with integrated voice, video and data services to
meet their communications needs. BellSouth is a Fortune 100 company with
total revenues exceeding $26 billion.
About Cingular Wireless (a joint venture with SBC Communications)
Through Cingular Wireless, the nation's second largest wireless company,
BellSouth provides innovative wireless voice and data services. Cingular
Wireless serves 19 million subscribers and reaches 190 million potential
customers with a full set of services, including interactive messaging in
addition to attractive national rate plans and bundles of other
communications services.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any State
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
State.
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