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

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Spain's heavily indebted Telefonica (TEF) inks a deal to raise about €1.1B in cash by selling half of its shares in China Unicom (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."