Compania Telefonica Nacional de Espana SA is to take a 40% stake in Entel, the state-owned Argentine telephone company by putting up $600m to $900m for new capital to modernise the telephone system: Alcatel SA, Siemens AG and NEC Corp have been competing for potentially enormous contracts to modernise Argentina’s telephone network and Telefonica is seen in some quarters as having snapped up that business from under their noses, but it is not clear who will supply the kit.
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