Telefonica,Portugal Telecom Each Sell 32.18% Stakes In Meditel
September 01 2009 - 4:05AM
Dow Jones News
Spain's Telefonica SA (TEF) and Portugal Telecom SGPS SA (PT)
said Tuesday they had agreed to each sell their 32.18% stakes in
their Moroccan telecommunications unit Medi Telecom SA, or
Meditel.
Local Meditel shareholders FinanceCom SA, RMA Watanya SA and
Fipar Holding, jointly will pay EUR400 million both to Telefonica
and to Portugal Telecom, according to filings in the Spanish and
Portuguese stock market regulator.
The Moroccan telecommunications regulator still needs to approve
the sale.
Telefonica expects the transaction to be completed by the end of
the year.
Company Web site: www.telefonica.com
-By Bernd Radowitz, Dow Jones Newswires, 34 913958120,
djmadrid@dowjones.com