Telefónica has agreed to sell close to half its stake in China Unicom to China United Network, its parent, for €1.1bn as the Spanish group bolsters its balance sheet to contend in a tough European climate.
The debt-laden Spanish group said the sale of the 4.6 per cent stake in China’s second-largest mobile operator would give it more “financial flexibility”.
The group, which has said it would consider other disposals and prepare for the flotation of part of its German business, has also reduced the cash element in the 2012 dividend in an effort to head off further credit downgrades after Standard & Poor’s cut its rating last month.
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