Having jilted fellow Italian Italtel at the altar last autumn, Fiat SpA transmission equipment specialist Telettra has cut a deal with Compania Telefonica Nacional de Espana under which Telettra will raise its stake in their 2,000 employee, $170m-a year Telettra Espaniola SA joint venture to 90% from 49%, and in return, Telefonica will get 10% of Telettra SpA, which is at present 100% owned by Fiat. Telettra has an option to go to 100% of the Spanish unit and Telefonica its Telettra stake to 14%.
FIAT’s TELETTRA FORMS STRATEGIC ALLIANCE WITH TELEFONICA
