0922 GMT - Telefonica will likely benefit from the sale of its majority stake in Colombian business to Millicom, ING analyst Jan Frederik Slijkerman writes in a note. The transaction will allow the Spanish telecommunications company to focus its strategy on more profitable markets, providing also a reduced exposure to non-euro currencies, Slijkerman says. The agreed price for the shares looks fair, he adds. Additionally, "Telefonica is still entitled to the proceeds of a 523 million claim from a longstanding dispute with the Colombian government and it would be nice to have this confirmed," he adds. In November 2024, the International Centre for Settlement of Investment Disputes ruled in favor of Telefonica. Shares are up 1.3% at 4.28 euros. (najat.kantouar@wsj.com)
(END) Dow Jones Newswires
March 13, 2025 05:22 ET (09:22 GMT)
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