Spanish telecom giant Telefonica has increased its stake in China Netcom to 5 percent from 3 percent, the company said.

Telefonica, which in June paid 240 million euros (US$301.3 million) for 3 percent of China Netcom, said it paid 418.3 million euros for the entire 5 percent stake. A company source had said earlier Monday the firm planned to increase its stake in China Netcom.

(Shenzhen Daily September 7, 2005)