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Spain's heavily indebted Telefonica (NYSE:TEF) inks a deal to raise about €1.1B in cash by...

Jun. 10, 2012 8:26 PM ETTelefónica, S.A. (TEF) StockCHU, TEFBy: Stephen Alpher, SA News Editor1 Comment
Spain's heavily indebted Telefonica (NYSE:TEF) inks a deal to raise about €1.1B in cash by selling half of its shares in China Unicom (NYSE:CHU) back to the company. Telefonica will retain a 5% stake in the Chinese operator and says it remains committed to the two's "strategic alliance."

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