Telefonica Said to Hold Off Colombian IPO Amid Negotiations

Telefonica SA, the Spanish phone company selling assets to cut debt, has held off preparations for an initial public offering of its Colombian division after emerging stock markets tumbled, according to three people familiar with the situation.

A share sale being explored this year will probably be pushed into 2014 at the earliest as Telefonica considers options for raising funds, the people said, asking not to be identified because the deliberations are confidential. The company, which controls 70 percent of the unit, is watching how Colombia’s presidential elections next May affect the state’s 30 percent holding, two of the people said.