News information
According to
foreign media reports, Telefonica announced on Monday that it had completed the
sale of 4.56% of China Unicom Shares at a price of 1.14 billion euros (1.4
billion U.S. dollars).
In a preliminary statement last month, Telefónica said Telefónica still holds
5.01% of China Unicom in the global telecoms market after the completion of its
4.56% sale to China Unicom's parent company.
The company said the sale "will increase the financial flexibility of
Telefónica."
Telefonica said it has agreed to hold the remaining China Unicom shares in its
hands at least for the next 12 months after the transaction is completed. At
the same time, the two companies will still maintain strategic cooperation.
Telefonica last week said it will cut 30% of the company's top executives and
cancel this year's dividend distribution after the company's second-quarter net
profit fell.
In the second quarter of this year, Telefónica net income of 1.33 billion euros
(1.63 billion US dollars), down 13.7% over the same period last year, while its
revenue increased by only 0.1% to 154.7 billion euros.
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