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Telefonica to Sell its Czech Stake for $3.6 Billion

MADRID | The Corner Team | Telefonica is preparing a sale of its stake in the Czech Republic’s biggest phone company to raise cash for further industry consolidation, according to three sources familiar with the deal who preferred to stay anonymous. The stake had a market value of about $3.6 billion before Monday’s increase. The stock rose as much as 6.9 percent.