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Barcelona (pte027/02.04.2003/13:56) - Terra Lycos http://www.terralycos.com is searching for potential acquisition candidates. According to the Wall Street Journal (WSJ) the Spanish Internet company is especially interested in purchases in the United States.
Terra Lycos chairman Joaquim Agut announced at the annual shareholder's meeting in Barcelona, as quoted by the WSJ, that his company had its eye on a few attractive possibilities in the USA. Agut does not appear to be daunted by the two billion loss his company recorded in 2002 (see newsfox: http://www.pressetext.com/pte.mc?pte=030227038&phrase=Terra%20Lycos ).
Agut said certain candidates in the USA fit well into the strategy of Terra Lycos and appeared "financially affordable". He added that few companies in Latin America and Spain met these criteria. Agut has not excluded the possibility of a partnership with a US provider. Up to now, the Spanish company has only supplied web content, not Internet access, in the States.
Terra Lycos expects to achieve positive earnings before interest, taxes, depreciation and amortisation (ebitda) in 2004 and enter the profit zone in 2005. To do this, Agut says further personnel cuts will be necessary, but not as many as in 2002. Last year 600 jobs were cut. Terra Lycos currently employs 2,500 people.
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