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General

Colombia's Coltel to merge with Telefonica

Friday 18 November 2011 | 05:58 CET | News
The Colombian senate has approved a bill that includes the capitalization of Colombia Telecomunicaciones (Coltel) and a possible merger with Telefonica. The project aims to create synergies to ensure the future of Coltel, local newspaper Portafolio reports, citing representatives of the Ministry of Finance and Telefonica. According to Alfonso Gomez, head of Telefonica Colombia, there are two options – either Coltel's liquidation or new capital investments from its partners, namely the state 48 percent and Telefonica 52 percent. The Government has decided to support in Congress the second

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Categories: General
Companies: Telefonica- Movistar
Countries: Colombia
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