CNC TO SELL 9.9% STAKE TO TELEFONICA
AsiaInfo Services, November, 2007
AsiaInfo Services 11-02-2007 CNC to Sell 9.9% Stake to Telefonica BEIJING, Nov 02, 2007 (SinoCast via COMTEX) -- Spain-based Telefonica, the world's telecommunications giant, will add its stake in China Netcom Group Corporation (Hong Kong) Ltd. (SEHK: 0906 and NYSE: CN) to 9.9% before the end of 2007, said Cesar Alierta, president of the Spaish company. Presently, Telefonica owns a 5% stake in the Chinese company, the second largest fixed-line phone carrier in China. In June 2005, China Netcom sold 3% shares to Telefonica for EUR 240 million.
The latter's stake in the former increased to 4.97% in September that year, and 5% in December 2006. It will finally grow to 9.9%, according to a signed agreement between both sides. China Netcom's parent company is...
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