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General

Telefonica-Telecom to merge with Movistar Colombia

Thursday 1 September 2011 | 08:55 CET | News
The Colombian government plans to further reduce its stake in fixed-line operator Colombia Telecomunicaciones (Telefonica-Telecom), which is 52 percent controlled by Telefonica. A proposal has been sent to Colombia's congress that could allow for a merger between Telecom and Telefonica's mobile unit Movistar, Dow Jones reports, citing Colombian finance minister Juan Carlos Echeverry. According to Echeverry, the government's proposal is partly in response to a "financial weakening of the company during recent years" that could create an "enormous risk" in terms of the company's ability to meet

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Categories: General
Companies: Movistar / Telefonica- Movistar
Countries: Colombia
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