Spain's Telefonica completes sale of China Unicom stake

Jul 30, 2012
Telefonica's logo is pictured at the Puerta del sol in Madrid in 2010. Spanish telecom giant Telefonica said Monday it has completed its sale of a 4.56 percent stake in China Unicom for 1.14 billion euros ($1.4 billion).

Spanish telecom giant Telefonica said Monday it has completed its sale of a 4.56 percent stake in China Unicom for 1.14 billion euros ($1.4 billion).

After selling the shares to China Unicom's , Unicom Parent, Telefonica will retain a 5.01 percent stake in one of the world's biggest and fastest growing telecom markets, it said in an initial statement on the deal last month.

It said the sale "will allow Telefonica to increase its financial flexibility."

Telefonica said it had agreed to hold its remaining stake in for at least 12 months after the sale was concluded and that the two companies remain committed to their strategic alliance.

The Madrid-based company last week said it would slash pay for top managers by 30 percent and cancel its dividend for this year after its slumped in the second quarter.

It posted a net profit for the April-June period of 1.33 billion euros ($1.63 billion), a 13.7 percent decline over the same time last year, while revenues rose 0.1 percent to 15.47 billion euros.

Explore further: IBM buys small Denver startup AlchemyAPI to expand Watson

add to favorites email to friend print save as pdf

Related Stories

Spain's Telefonica sells China Unicom stake

Jun 10, 2012

Spanish giant Telefonica said Sunday it has sold a 4.56 percent stake in one of China's top telecoms companies, China Unicom, for 1.13 billion euros (41.4 billion).

Telefonica deal to buy Brazil's Vivo falls apart

Jul 18, 2010

(AP) -- Spanish telecommunications giant Telefonica on Saturday pulled out of negotiations to acquire a euro7.15 billion ($9.3 billion) stake in Brazil's leading cell phone company Vivo.

Telefonica to cut workforce in Spain by 20%

Apr 14, 2011

Spanish telecoms giant Telefonica said on Thursday it plans to cut its workforce in Spain by about 20 percent, or some 6,000 people, over the next three years as a cost-cutting measure.

Recommended for you

Car industry welcomes Google, Apple but battles loom

14 hours ago

It could be the battle of the titans. Auto giants at the Geneva Motor Show say they welcome the potential move of Silicon Valley players into their sector but experts warn of major disruptions.

Woman in Silicon Valley sex discrimination suit to testify

15 hours ago

The woman at the center of a sex discrimination lawsuit against one of Silicon Valley's most prestigious venture capital firms is set to take the stand in a case that has focused attention on the treatment of women in the ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.