Spanish Telefonica prepares bid for Cuba’s ETECSA shares

ETECSAItalian paper Il Sole 24 Ore cites Spanish financial sources, saying that the Spanish telecom giant Telefonica is preparing an offer for a 30% stake in Cuban incumbent telco ETECSA. Apparently, Telecom Italia (TI) hasn’t seen expected profits from the Cuban company and wants to sell its shares to Telefonica. The two companies have reportedly already held informal talks back in December 2008. At the time, Telefonica was willing to pay $500 million for the shares, while TI wanted a number closer to $780 million.

We’ll see where this will lead and whether citizens of Cuba will notice any changes if ETECSA gets a new shareholder…

[Via: TeleGeography]

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