Telefonica, whose market value has slumped by $60 billion in the past year and a half, plans to sell shares in its German and Latin American phone units, raising cash to restore debt ratings threatened by Spain’s financial crisis.
Telefonica’s board yesterday approved a proposal to seek an initial public offering for O2 Germany, and to explore possible listings for its Latin American assets. The Madrid-based company will speed up the sale of non-core...
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