Telefonica completes Latin American acquisitions

Of great interest to observers of Latin American telecoms has been Telefonica's relationship with Mexico' s billionaire telecoms investor Carlos Slim. It is almost certain that Carlos Slim will himself be investing in Telefonica despite Telefonica and Slim having been in competition for control of Latin America's telephone businesses. The former's operations range the full length of the region, personified by the wide-ranging acquisition of BellSouth's mobile operations, which were based over ten countries. Price at the time (early 2005) was almost US$6 billion.

As Telefonica aims to become a global player, it has sought out acquisitions world wide. This is exemplified by its intention to increase its stake in the second-largest fixed-line operator in China, China Netcom Group Corporation ( Hong Kong ) Ltd.