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January 23, 2011, 3:08 PM EST
By Emma Ross-Thomas and Ben Sills
(Adds Telefonica board seat in third paragraph.)
Jan. 23 (Bloomberg) -- Telefonica SA agreed to increase its stake in China Unicom (Hong Kong) Ltd. to about 9.7 percent, while the Chinese company will increase its holding in the Spanish operator to 1.37 percent.
Each company will buy $500 million of shares in the other, with China Unicom buying treasury shares from Telefonica at 17.16 euros ($23) each, according to an e-mailed statement today. Telefonica will buy the China Unicom shares from third parties over the next nine months, it said.
Telefonica will also propose that China Unicom name a representative to the Spanish phone company’s board.
--Editors: Peter Branton, Claudia Carpenter
To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net Emma Ross-Thomas at erossthomas@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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(Adds Telefonica board seat in third paragraph.)
Jan. 23 (Bloomberg) -- Telefonica SA agreed to increase its stake in China Unicom (Hong Kong) Ltd. to about 9.7 percent, while the Chinese company will increase its holding in the Spanish operator to 1.37 percent.
Each company will buy $500 million of shares in the other, with China Unicom buying treasury shares from Telefonica at 17.16 euros ($23) each, according to an e-mailed statement today. Telefonica will buy the China Unicom shares from third parties over the next nine months, it said.
Telefonica will also propose that China Unicom name a representative to the Spanish phone company’s board.
--Editors: Peter Branton, Claudia Carpenter
To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net Emma Ross-Thomas at erossthomas@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
Business Forum | Christian Forum | Coupon Forum | Discussion Forum | Gamers Forum
Legal Forum | Politics Forum | Sports Forum | Teen Forum | Webmaster Forum