Spanish telecoms giant Telefonica has confirmed that it has reduced its shareholding in Portuguese cableco Zon Multimedia by around 0.5%, taking its shareholding below the 5% threshold. Following the divestment Telefonica’s total shareholding in Zon stands at 4.9997%, down from 5.46%. In November 2011 the Spanish telco indicated that it was looking to divest non-core or underperforming assets in order to reduce debt.
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OVETEL Telefonica reduces Zon shareholding below 5%
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