Telefónica of Spain says it is spending EUR240 million to acquire a 3% stake in leading Chinese telco China Netcom Group. The Spanish operator hopes to up this to 5% and secure a seat on the company’s board as it looks to develop synergies with China Netcom ‘in a market that Telefónica is getting to know’. Telefónica plans to begin talks with its Chinese counterpart, the country’s second largest fixed line operator, to formalise a strategic alliance for joint acquisitions of technology and infrastructure.
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