China sale shows Telefonica’s debt-cutting priorities
Posted on 12 June, 2012 | No Comments
News from Reuters:
* Telefonica selling around half of China Unicom stake
* Spanish company needs to reduce 57.1 bln euros debt pile
* Needs 7-8 bln eur a year thru 2015 to cope with maturities
By Clare Kane
MADRID, June 11 (Reuters) – Telefonica SA’s surprise sale of around half its stake in China’s no.2 telecoms operator is the latest sign that the company’s management is taking seriously the reduction of its 57.1 billion euro ($ 71.4 billion) debt pile.
The Spanish telecoms group said on Sunday it would sell 4.56 percent of China Unicom’s shares back to the latter’s parent for around 1.1 billion euros ($ 1.4 billion), a move it said would increase its financial flexibility.
“It’s overwhelmingly positive … it points to them being willing to do things that are different (to reduce) … their debt,” said Robin Bienenstock, senior……………. continues on Reuters
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