Spain's Phone Giant Has Latin America BuzzingGail Edmondson
Telefnica de Espaa is determined to be a global player in telecommunications--and the cost be hanged. That's why, when the Spanish telephone company sought a stake in Peru's telephone operator in January, it blew away rivals with a bid of $2.02 billion, more than double the next highest offer. Peru is now part of an estimated $5 billion worth of Telefnica holdings in Latin America--the fastest-growing region of the world after Asia. The company even has a beachhead in the U.S. with its 79% stake in Puerto Rico's long-distance carrier TLD.
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