Telefonica Plans to Raise China Netcom Stake to 9.9%

From MarketWatch:

"Spain's Telefonica SA (TEF) has confirmed plans to raise its stake in Chinese telecommunications operator China Netcom Group Corp. (Hong Kong) Ltd. (CN) to 9.9%, a company spokeswoman said Thursday."

"Telefonica, the largest telecommunications company in Spain and Latin America, will also receive the right to appoint a second member to China Netcom's board of directors, the spokeswoman added."