Telefónica Bid Blocked By Shareholders

October 2008 | M&A News Alert

It was bad news for Spain's Telefónica on October 7, when shareholders in regional unit Telefónica Chile (CTC) blocked its efforts to gain sole control of the Chilean telephone company. Shareholders voted against the modification of corporate bylaws that was essential to allowing Telefonica to purchase the 55.1% it did not already own in Chile's biggest fixed line carrier. CTC Chairman Emilio Gilolmo claimed that the vote would not affect company operations, and that 'we continue to have administrative responsibility of the company and… we will continue to work with the company with the same enthusiasm as before.'

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