Telefonica, China Unicom Deepen Their Strategic Alliance
September 06 2009 - 7:40AM
Dow Jones News
Telefonica SA (TEF) said Sunday it has reached an agreement to
deepen its strategic alliance with China Unicom (Hong Kong) Ltd.
(CHU).
In a Spanish regulatory filing, Spain's largest
telecommunications company by market value said it will increase
its stake in China Unicom to 8.06% from 5.38% previously and that
China Unicom will have shares equal to between 0.885% and 0.892% of
Telefonica.
The two companies will spend $1 billion each on the share
purchases, Telefonica said.
-By Jonathan House, Dow Jones Newswires; +34 619 93 39 52;
jonathan.house@dowjones.com