Telefónica pulls out of China Unicom to ease financial worries
Telefónica SA has sold a 4.56% stake in China Unicom to its parent group, China United Network, as the telecoms giant attempts to back out of its financial difficulties.
The stake will give Telefónica a HK $11bn ($1.4bn) cash injection once the transaction is completed. Telefónica will still remain a major player in China Unicom, however, with a 5.01% stake in the company.
In a statement Telefónica said the decision was made to “proactively manage its asset portfolio”...