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(From SinoCast China IT Watch)
SHENZHEN, November 10, 2006, SinoCast -- Telefonica Sa, Europe's second-largest phone company by value, may buy eight percent of Hong Kong's PCCW Ltd for about HKD 3.2 billion to drive expansion in China, two people familiar with the deal said.
Telefonica may combine its stake in Hong Kong's biggest phone company with the 20 percent held by China Network Communications Group, the people said, asking not to be identified before an announcement. Madrid-based Telefonica has already invested in China Network, the nation's second-biggest phone company.
By teaming up with state-owned China Network, Telefonica Chief …