SEC no-action letter regarding Southern Cross' partial offer for shares and ADSs of Telex-Chile S.A.

The SEC grants exemptions from Rules 14d-10(a)(1), 14d-8, 14e-5, and Section 14(d)(6) to Southern Cross, permitting a dual tender offer for Télex-Chile S.A. shares and ADSs. The relief allows Southern Cross to apply a single proration factor on a series-by-series basis for both U.S. and Chilean offers and to purchase shares under the Chilean offer during the pendency of the U.S. offer. This relief is conditioned on the concurrent expiration of both offers and the ability to maintain the single proration factor for each share class.

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Securities Exchange Act of 1934 — Section 14(d)(6) and Rules 14d-8, 14d-10(a)(1) and 14e-5

No Action, Interpretive and/or Exemptive Letter:

March 5, 2002

Response of the Office of Mergers and Acquisitions Division of Corporation Finance and Division of Market Regulation

James J. Moloney Gibson, Dunn & Crutcher LLP Jamboree Center 4 Park Plaza Irvine, CA 92614-8557

Re:

Southern Cross' partial offer for shares and ADSs of Telex-Chile S.A. Division of Market Regulation File No.: TP 02-30 Incoming letter dated March 4, 2002

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