Weekend block fetches $363m for Telefónica

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By John Loh
11 Jul 2016

Telefónica Internacional carried out the second weekend block trade of the year to raise HK$2.82bn ($363.43m) for its China Unicom sell-down, and the unusual timing worked in the vendor’s favour.

Telefónica launched the accelerated share sale on Saturday (July 9) afternoon, offering 361.79m of its shares in Asian partner China Unicom at a price range of HK$7.75-HK$7.85 each. This was a 1.5% stake in the company and gave investors a discount of 1.6%-2.9% to the last traded price ...

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