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Telefonica to Raise Stake in China Unicom

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Note -- this news article is more than a year old.

Spain's Telefonica has expressed a desire to increase its holding in China Unicom from the current 8.37% that it holds. The Spanish telco has often expressed an interest in increasing its holding to 10%, but that was before the revamping of the Chinese telecoms market a year ago.

"We'll do it little by little as we already know each other, trust each other, and that opens new possibilities," Alierta was quoted by Spain's Expansion newspaper as saying.

Telefonica already had a 5% stake in China Netcom, but that was heavily diluted by the government mandated merger with China Unicom earlier last  year.

Last October, the two companies completed a USD1 billion purchase of each others shares. China Unicom's shareholding in Telefonica is approximately 0.88% and Telefonica's shareholding in China Unicom increased to approximately 8% from 5.38%.

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Tags: telefonica  china unicom  china netcom  unicom  China