Spain's Telefonica sells Chile unit in Latin America pullout

Once a jewel in the crown of public Spanish companies, debt-laden and loss-making Telefonica has adopted a strategic shift focusing on Britain, Germany, Spain and Brazil. Its subsidiary Inversiones Telefonica Internacional Holding transferred all of Telefonica Chile's capital to French holding company NJJ Holding and Luxembourg-based telecoms operator Millicom, the company said in a statement submitted to Spain's stock market regulator. An additional payment of $150 million was possible "depending...