Netcom increases Spanish ties

22 Jul 2005

China Netcom is in talks with the Spanish telco Telefónica aimed at strengthening their existing partnership. The Spanish firm acquired a 3% stake in the Chinese fixed line operator for EUR240 million late last month. The two companies have now signed a memorandum of understanding which will extend their alliance to include “exchange of certain managerial, technical and operational expertise and resources,” according to Netcom. The chairmen of the two firms have also agreed to meet at least once a year at what Netcom calls a “chairman’s forum”.

China, China Netcom, Telefonica