Telefonica Buys Piece of China Netcom
July 08, 2005
Telefonica has put up 240 million euros to acquire a 3% stake of China Netcom, giving the Spanish operator the right to name a member of the China Netcom board. Telefonica has stated that the move is intended to allow the company to bet a better feel for the Chinese market. Further acquisitions up to total 5% holdings of China Netcom are planned.