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October 10, 2009

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Telefonica posts bigger than expected dividend

EUROPE'S largest telecoms company, Telefonica, announced a bigger-than-expected dividend yesterday despite a planned acquisition, with an upbeat business outlook justifying its open-handedness in the downturn.

The Spanish operator, which made a 6.5 billion reais (US$3.7 billion) bid for Brazil's GVT this week, also forecast 1-4 percent annual revenue growth for 2008-12 period, and a rise in operating income of 4-7 percent annually.

"Although it seemed difficult for Telefonica to surprise the market at this stage, they have done it again with these forecasts which are above expectations," Juan Tuesta, an analyst at Banesto, said. Latin America is set to continue powering Telefonica forward.



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