Telefonica says will not sell Colombia business

MADRID Wed May 8, 2013 11:50am EDT

A man walks past Telefonica's building in central Madrid March 26, 2013. REUTERS/Juan Medina

A man walks past Telefonica's building in central Madrid March 26, 2013.

Credit: Reuters/Juan Medina

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MADRID (Reuters) - Spanish telecoms company Telefonica (TEF.MC) said on Wednesday it would not sell its unit in Colombia and was beginning talks with the Colombian government, also a shareholder, to find ways to capitalize the business and increase liquidity.

"In Colombia I want to stress that we are not sellers," Chief Financial Officer Angel Vila said on an analyst call following the group's first quarter results.

Last month Spanish online newspaper El Confidencial reported that Telefonica was planning a partial listing of its Colombian business to help cut debt.

(Reporting by Clare Kane; Editing by Sarah White)

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