Telefonica could list Latin American subsidiaries in 2013, to cut debt, Reuters reports, citing chief financial officer Angel Vila. Telefonica says a spin-off of Latin American businesses via a share sale is an option as it works to cut borrowings built up over a decade of expansion. "No decision has been taken on such a transaction but we are working on preparations in case we decide to move ahead with it," Vila said.
Telefonica Latin American Chief Executive Santiago Fernandez Valbuena previously said that a sale could take place next year. Telefonica has just listed part of its German 02-branded division and has sold its call center business Atento. The group has also scrapped its dividend for 2012. "We are pointing towards 50 billion euros of net financial debt by year-end," CFO Vila said.
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