Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (91317)	6/10/2012 8:30:54 AM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 217571

UPDATE: Telefonica to Sell 4.56% China Unicom Stake to Parent 10-Jun-2012 -- Telefonica to get EUR1.13 billion in deal -- Telefonica will keep 5.01% stake in China Unicom -- Telefonica is looking to lower debt to meet targets (Adds context, background.) By Santiago Perez and David Roman MADRID--Telefonica SA (TEF) said Sunday it has agreed to sell a 4.56% stake in China Unicom (Hong Kong) Limited (0762.HK) to China United Network Communications Group Co. Ltd (600050.SH) also known as Unicom Parent, for about 1.13 billion euros ($1.74 billion). Telefonica said in a regulatory filing the planned sale of more than 1.07 billion shares in China Unicom "forms part of the proactive management of its asset portfolio." Spain's largest telecommunications company said it continues to be fully committed to its strategic agreement with China Unicon. Telefonica will own 5.01% of China Unicom following the completion of the transaction by the end of July. The stake sale requires regulatory clearance and forms part of Telefonica's efforts to cut debt. Telefonica last month posted weaker-than-expected earnings, as its business in austerity hit Europe continued to suffer, making it tougher to meet closely watched targets to lower its debt as a percentage of operating profit. With foreign investors increasingly unwilling to hold large stakes in firms listed in crisis-hit Spain, Telefonica's shares have fallen fast in recent months, while the company has struggled to reassure shareholders. In Europe, Telefonica is also in the process of selling its 2% stake in Portugal Telecom SA (PT). In addition, it is preparing to sell Rumbo, an online booking service, and Atento, a call-center firm that it already tried to float last summer on Madrid's stock market. Telefonica is targeting income in excess of EUR1.5 billion from those moves, and is also studying the sale of some additional non-strategic assets, as well as launching initial public offerings for some affiliates in Germany and Latin America, as a mechanism to raise more funds. (END) Dow Jones Newswires