Shareholders approve CTC sale

16 Jul 2004

Telefónica CTC Chile shareholders have approved the sale of the company’s mobile unit Telefónica Móvil to Spain’s Telefónica Móviles (TEM). 69% of shareholders voted in favour of the sale, with 20.3% against. TEM, which currently holds a 44.9% in the cellco, has offered USD1.25 billion for the remaining stake.