By Felicity Ussher, 23 August 2000 15:51
NEWS Telefonica has borrowed E8bn (£4.8bn) to pay for its stake in a German mobile phone licence. The Spanish telco is liable for over half of the UMTS bid offered by the 3G Group, which includes Finnish telco Sonera. It has borrowed the money from ABN AMRO and Banco Santander, amongst others. Telefonica claimed it would pay back the loan by floating its wireless operator, Telefonica Moviles, later this year.
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