September 1, 2011
Colombias finance ministry has submitted a plan to congress calling f
Colombia’s finance ministry has submitted a plan to congress calling for the merger of Colombia Telecomunicaciones and Telefonica’s Movistar unit, confirms a Telefonica official. Colombia’s government owns a 48% stake in Telecomunicaciones, having sold a 52% piece to Telefonica in 2006. The government is looking for synergies between fixed line and mobile services, and to input new capital into Telecomunicaciones.