Spanish group TELEFONICA has acquired a 2.99% stake in the Chinese operator, CNC-CHINA NETCOM GROUP CORP, at the price of $11.45 a share. The operation amounts to a total of EUR 240 million. TELEFONICA hopes to keep up to 5% of CNC, which would allow it to qualify for a seat on the board. Furthermore, the Spanish operator has made a EUR 2.4 billion public bid for the acquisition of what it does not already own in CESKY TELEKOM, after acquiring 51% in April for the sum of EUR 2.7 billion.