The courage of Compania Telefonica Nacional de Espana SA in rushing in where angels fear to tread by negotiating one of the first joint ventures between a Western company and the Soviet state. The Spaniard has just signed a firm agreement with the USSR to take 49% of a joint venture to invest $17.3m to build a plant to manufacture Spanish-designed telephone hand??s in the Soviet Union at a rate of 500,000 in the first year rising to 1m in Year Three. Buoyed by this first agreement, Telefonica is now talking payphones for Moscow – is Plessey competing there? – and joint development of transmission equipment for international telecommunications between the USSR, Africa and the Americas. exchanges looks like being the one-for-10 rights issue proposed by Compania Telefonica Nacional de Espana last month: Telefonica says it is reconsidering the issue, which was to have raised $575m.
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