The impending flotation of between 3% and 4% of the equity of the Spanish PTT, Compania Telefonica Nacional de Espana on the New York stock exchange will reduce the stake held in the company by the Spanish government and state-owned institutions to about 38% from the present 41.5%. The government directly holds 31%, the Bank of Spain 8% and other state institutions about 2%, and the shares to be offered in New York will come from the Bank of Spain’s holding. The precise number of shares and the price will be decided just before the summer flotation.
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