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Merrill Lynch said the plan of Telefonica SA (TEF) to raise its stake in the coming new company merged by China Unicom and China Netcom (0906.HK; CN.NYSE) shows the investor's confidence and interest on the telecom operators' long-term development.
The new company will be able to share TEF's operation experience on the emerging Latin America market, and better promote its 3G business with the help of the shareholders' superior competence of WCDMA/HSDPA handset purchasing.
The H-share price of China Unicom went down 0.16 dollar, or 1. 278 percent, to close at 12.36 dollars on Tuesday.
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