RPT Telefonica to raise China Netcom stake to 10 pct before year end - chairman |
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Tue, 30 Oct 2007 14:26
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(repeating to clarify expected synergies with TI are 300-500 mln eur)MADRID (Thomson Financial) - Telefonica SA chairman said the group will exercise its option to raise its stake in China Netcom Group Corp (Hong Kong) Ltd to 10.0 pct from 5.0 pct before the end of this year.In June 2005, Telefonica bought a 2.99 pct stake in China Netcom for 240 mln eur then raised it to 5 pct for about 178 mln eur.Speaking at the Aragonex forum, Telefonica Chairman Cesar Alierta also said the group expects synergies with Telecom Italia SpA of between 300-500 mln eur a year.Telefonica holds 42.3 pct of the Telco consortium, which owns 23.6 pct of Telecom Italia.The consortium also comprises Mediobanca, Assicurazioni Generali, Intesa, and Sintonia, a holding company of the Benetton family.tfn.europemadrid@thomson.comped/wj/ped/jlcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Telefonica to raise China Netcom stake to 10 pct before year end - chairman 