Telefonica de Espana SA, which currently owns 60% of Telefonica Internacional SA, the company that manages the Spanish phone monopoly’s now substantial international investments – mainly in Latin America – wants to share the investment load rather more. The 40% partner is the Spanish government, but Telefonica now wants to bring in four or five banks to take a combined 20% to 25% stake in a move that would leave Telefonica with 35% to 40%, but it would retain management control. Last year its investment in the company amounted to some $650m.
