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TELEFONICA WINS SOVIET PHONE HANDSET VENTURE, BIDS FOR PAYPHONE BUSINESS

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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CBR Staff Writer

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