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Spanish deal lifts Unicom shares

By Li Fei (China Daily)
Updated: 2009-09-08 08:31

Customers line up for business in China unicom's Shanghai office.[Asianewsphoto]

China Unicom shares rose slightly yesterday after the country's second biggest wireless carrier and Spanish telecom firm Telefonica agreed to swap $1 billion stocks among each other to cement their tie-up.

Under an agreement announced over the weekend, the two telecom carriers will each buy $1 billion worth of other's shares to "strengthen their cooperation and achieve business synergy".

Related readings:  China Unicom invests 20b in Shanghai to expand network   China's top 3 telecom operators invest 80b yuan in H1  China Unicom full-year profit up 58%  Telecom behemoths spend 80b yuan on 3G rollout

Telefonica, Spain's largest telecom operator, which already owns about 5.38 percent of Unicom, will boost its shares in the Chinese firm to 8 percent, according to the agreement.

China Unicom will hold nearly 0.9 percent of Telefonica after the share purchase.

China Unicom shares edged up 1.09 percent to close at 6.5 yuan in Shanghai, after rising as much as 3.27 percent. Its Hong Kong-listed shares climbed 2.98 percent to close at HK$11.06.

China Unicom and Telefonica said they would cooperate in areas such as infrastructure and equipment sharing, R&D and roaming services.

Under the deal, which the two telecom operators said will give each other the access to a combined 550 million customers worldwide, managers from both companies will also participate in an exchange program.

Goldman Sachs said yesterday in a research note that the deal would not bring substantial impact on China Unicom.