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Telefónica to sell shares in Colombia after halting IPO

Wednesday, April 10, 2013

Spain's Telefónica plans to sell shares of its Colombian division as early as this year after halting an initial public offering for all of its Latin American assets, according to people familiar with the matter.

Telefónica, which owns 70 percent of the unit, intends to offer a minority holding in an IPO, the people said, asking not to be identified because the plan isn’t public.

Telefónica, Spain’s largest telephone company, is seeking to cut at least $5.6 billion in net debt this year.

Source: Bloomberg