Telefonica bags Colombia Telecom prize

According to Reuters Spain’s Telefonica will pay COP853.6 billion (USD369 million) for control of Colombia Telecom. Telefonica outbid CANTV and Telmex for the 50% plus one stake. Telmex had previously agreed a deal to buy the company for USD350 million, but the government withdrew from negotiations in September 2005 after its auditor said it could get a better price.