Telefonica de Espana SA is down to the wire on its plans to take a stake in AT&T Network Systems International, and will exchange its shares in the AT&T Microelectronica de Espana chip manufacturing joint venture for a 6% stake in the European company in which AT&T will then hold 59%, Stet SpA 20%, Philips NV, 15% and Telefonica 6%; the company was set up as a 50-50 joint venture with Philips, but the Dutch company is now reported to want to sell its remaining 15% stake in it.
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