NEW YORK ( TheStreet) -- Telefonica SA (TEF) said over the weekend it had sold a 4.56% stake in China Unicom (Hong Kong) Ltd (CHU) for 1.13 billion euros, or $1.41 billion, according to published media reports.
The buyer is China Unicom's parent, China United Network Communications Group, The Wall Street Journal reported.
The Spanish telecom company said it would retain a 5.01% stake in China Unicom, and that it had agreed to hold this stake for one year after selling the 4.56% stake, AFP reported.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV