The Spanish telecoms group Telefonica announced an increase in its share buyback program. Nice way to consolidate its power in the shareholding while the action was badly in recent days on the Exchange.
The group also maintained Monday its objectives for 2008.
"In the current environment of great uncertainty and volatility on stock markets", Telefonica announced that "preliminary results of the third quarter show a continuation of trends during the first six months in key markets," according to a press release the group. This allows forward to success in achieving targets for the full year, at both regional and group level, "continues Telefonica.
The group also announced it increased by 50% the size of its share buyback program for 2008, making from 100 to 150 million shares. The extension of this program will run immediately, "according to the release. Of course, should not resume the title of the hair of the beast in the meantime. Remember that the title of Telefonica was ballot in recent weeks, partly because of fears of the impact of the devaluation of the Brazilian real on its results. The telecoms group announced it was within 10% of its offer on the Chilean company Telefonica Chile, amounting to one billion dollars. It also increased its participation in the capital provider of Internet access broadband regional Iberbanda from 51 to 59%. The funds invested by Telefonica will serve to strengthen the national presence of Iberbanda, which now totals 40 000 broadband subscribers mainly in Andalusia and Catalonia, and launching offerings in the business market. At the Madrid Stock Exchange, the Telefonica rose 3.19% to 09H09 (07H09 GMT), to 13.79 euros in a market up 4.88%. ( Finance Information City )
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