Telefonica S.A. (TEF) Sells Stake in Unicom, in Attempt to Reduce Debt

In another company hard hit by the European financial crisis, Spain's  Telefonica S.A. (NYSE:TEF) announced that it will sell its 4.56 percent stake in China Unicom (NYSE: CHU) (HKG:0762) to reduce its debt.

The deal has Telefonica selling the company's one billion-plus shares (traded on HKG) back for $1.1 billion euros ($1.4 billion). The company has also agreed not to sell . . .

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