Stocks News
- Telefonica to raise stake in Netcom
Date: 7-Dec-2007 Sources: (Shenzhen Daily)
CHINA Netcom Group Corp. (Hong Kong) Ltd. chairman Zhang Chunjiang said Thursday Spain's Telefonica SA is in the process of raising its stake in the Chinese fixed-line operator to 9.9 percent from 5 percent.
'We are working with Telefonica for the stake increase. We hope Telefonica will complete the stake increase by the end of this year,'said Zhang after China Netcom's extraordinary general meeting Thursday. Telefonica said earlier it plans to raise its stake in the Chinese telecommunications operator to about 10 percent. China Netcom is the country's second-largest fixed-line operator by subscribers after China Telecom Corp.
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