We present near-infrared VLT-UT1+ISAAC spectroscopy of a sample of 9 extrem
ely red galaxies (ERGs) with R - K > 5 and K < 19.0. Neither strong emissio
n lines (F-lim < 1-5 x 10(-16) erg s(-1) cm(-2)) nor continuum breaks are d
etected. From near-infrared spectrophotometry, complemented with broad-band
optical and near-IR photometry, we estimate "spectro-photometric" redshift
s to be in the range of 0.8 less than or similar to z(sphot) less than or s
imilar to 1.8. We derive upper limits on the star formation rates in range
of SFR < 6-30h(50)(-2)M.yr(-1). Two of the observed ERGs are dusty starburs
t candidates because they require strong dust reddening to reproduce their
global spectral energy distributions. The other ERGs are consistent with be
ing dustless old passively evolved spheroidals at z greater than or similar
to 0.8. We discuss the general implications of our findings in relation wi
th the problem of the formation of early type galaxies.