AllianceBernstein Decreases Stake in Netcom
Finet, 9/09/08
According to the Hong Kong Stock Exchange (HKSE), on September 4, US fund manager AllianceBernstein applied to decrease its stake in China Netcom (NYSE: CN; 0906.HK) by 178.72 mln shares, with a total value of almost HKD 4.18 bln. This brings the company's stake down from 5.46% to 2.79%.
Editor's Note: AllianceBernstein made this application to reduce its stake in China Netcom in preparation for executing its agreement to sell two tranches of shares in China Netcom, totalling 5.74 per cent of Netcom's shares, to Spanish telecom operator Telefónica. In a statement to the Madrid stock exchange on September 4, Telefonica said the two tranches would equal 2.71 per cent and 3.03 per cent of Netcom's outstanding shares, respectively. Completion of both the first and second tranche acquisitions would raise Telefonica's holdings in China Netcom to 13 per cent, leaving it with approximately 5.5% of the merged China Unicom-China Netcom group.
Keywords: divest Alliance Bernstein 0906.HK China Netcom CN telecom financing investment Telefonica restructuring China Unicom
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