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Telefonica gets approval for LatAm buy-outs

Shareholders of Spanish telecommunications giant Telefonica Friday approved a euro922m increase in capital to allow the conglomerate to follow through on plans to buy out 100% of four of its Latin American interests: Telesp and Tele Sudeste Celular of Brazil, Telefonica of Argentina and Telefonica of Peru. Telefonica will offer a little more than 922 million new shares at a value of 1 euro each in exchange for shares in the four Latin American firms.

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