Telefonica To Sell 4.56% Stake In China Unicom

Telefonica SA TEF agreed to sell a 4.56% stake in China Unicom (Hong Kong) Limited CHU for around 1.13 billion euros ($1.74 billion). The buyer is China United Network Communications Group Co Ltd. Telefonica last month posted downbeat earnings. TEF shares declined 0.33% to $12.22 in the after-hours trading session, while CHU shares fell 0.51% to close at $13.55 on Friday.