CTC shareholders to vote on TM sale

9 Jun 2004

Shareholders of Chilean telco Telefónica CTC plan to hold an extraordinary general shareholders meeting later this week to vote on the sale of the company’s mobile unit Telefónica Móviles™. The board has recommended that it accept a USD1 billion offer from Telefónica of Spain, but some – including Mondea Asset Management, Cuprum, Consorcio, Celfin and The Chile Fund – are against the sale, claiming that the price is too low.