Spanish telecommunications group Telefonica is set to raise its stake in China’s second biggest fixed line telecom operator, China Netcom Corporation (CNC), from 3 to 5 per cent. The company announced its acquisition of a 3 per cent stake in June 30, 2005. The 5 per cent stake will cost Telefonica a total of 400 million euros and will give the company the right to one seat on the CNC board of directors.
