Aided by asset sales and IPOs, Telefonica (TEF +0.4%) is set to pare its net debt to €47B ($61.1B) at year's end from a 2011 peak of $56.3B ($72.3B). The carrier's debt burden could fall further if it unloads additional assets, such as O2 Ireland, a 70% stake in in Telefonica Czech Republic (valued at €2.6B), and a 5% stake in China Unicom (valued at €1.3B). But with Telefonica expected to produce €6B-€7B in free cash flow this year, it isn't under serious pressure to sign off on fresh moves.
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