Spanish incumbent Telefonica has reduced its stake in the Portuguese cable operator Zon Multimedia to below 5%.
In a statement, Zon said that Telefonica and its subsidiaries had reduced their holding of Zon’s share capital and voting rights to…
Spanish incumbent Telefonica has reduced its stake in the Portuguese cable operator Zon Multimedia to below 5%.
In a statement, Zon said that Telefonica and its subsidiaries had reduced their holding of Zon’s share capital and voting rights to 4.9997%, following a disposal of shares on 20 March.
According to Zon’s website, Telefonica previously held a stake of 5.46% in the company.
Telefonica reported net financial debt of €56.3bn for 2011, but has been acting to reduce its debt with a cut to its planned dividend and sales of non-core assets.
The company has recently sold tower assets in Latin America and a 13.23% stake in Hispasat, the European satellite operator, to Spanish infrastructure group abertis for €124m.
Earlier this week, TelecomFinance confirmed that Telefonica has held discussions with HSBC and Morgan Stanley to judge the market appetite for a sale of its call centre business Atento.
Meanwhile, Zon has recently been the centre of M&A speculation, after it made a change to its shareholder rules in January, removing a restriction that limited shareholders to exercising a maximum of 10% of the company’s voting rights.
