SIEMENS WANTS TO AMEND TELECOM PLUS <TELE> PACT
Telecom Plus International Inc
said <Siemens AG>'s Siemens Information Systems wants to amend
its agreement to purchase Telecom's 65 pct interest in Tel Plus
Communications to delay payment of 25 mln dlrs for 11 months.
    Telecom's shareholders are scheduled to vote on the 165 mln
dlr transaction Monday.
    Telecom said it advised Siemens it intends to close the
transaction on March 16, as scheduled, if it is approved by
shareholders. A spokesman said this means Telecom will decide
before the 16th whether or not to accept the proposed change.
    Explaining its request for the amendment, Siemens informed
Telecom it had recently become aware of information causing
concern with respect to certain accounting and other matters.
    Siemens said it will therefore need to continue its review
beyond March 16 to determine whether certain representations
and warranties are true.
    Telecom said it advised Siemens it knows of no information
which would make its representations and warranties untrue.
    Siemens already owns the remaining 35 pct of Tel Plus. The
65 pct represenmts Telecom's principal operating asset.
    A Telecom spokesman said the agreement calls for payment of
all but 29 mln dlrs of the price at closing. Of this, 21 mln
dlrs was to be paid 11 months later and two mln dlrs per year
on the anniversary date of the transaction.
    He said Siemens is now proposing that 25 mln dlrs be added
to the 21 mln dlrs to be paid in 11 months.
    Telecom said the proposed amendment would also permit
Siemens to defer repayment of up to an additional 50 pct of
certain intercompany debt until completion of the review.
Telecom said it estimates this to ba about 15 mln dlrs.
 Reuter
