Telefonica to raise Netcom stake to 9.9% by end 2007

6 Dec 2007

China Netcom Chairman Zhang Chunjiang has said Telefonica is in the process of raising its stake in the fixed line operator from 5% to 9.9%. ‘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. Zhang said Telefonica may buy the shares from China Netcom’s parent, China Network Communications Group, or other shareholders.

China, China Netcom, Telefonica