Dec. 15 (Bloomberg) -- Colombian lawmakers approved a proposal by Finance Minister Juan Carlos Echeverry to open the way for Colombia Telecomunicaciones SA to merge with Movistar, a unit of Telefonica SA, Spain’s largest phone company.
The merger of Telefonica’s local cellular phone unit and Coltel, a fixed-line phone company with declining sales, would boost competitiveness and help pay for “onerous” pension obligations of more than 17,000 former public employees, Echeverry said in an e-mailed statement late yesterday.
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