Word: telefonica
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...with existing superfast cable lines to Europe, the U.S. and Asia by 2001. The lines will improve connectivity in the region tenfold. Starting this May the Americas II cable system will connect Brazil, the Caribbean and South America's northeast corner to the U.S. A region-wide $1.5 billion Telefonica system will be operational...
...Juan Villalonga, the arrangement must have seemed fair enough. Shortly after taking over as head of the Spanish telecommunications firm Telefonica in February 1997, he awarded the company's 100 top executives--including himself--a bushel of potentially lucrative stock options that could be cashed out after three years. With Villalonga at the helm, Telefonica became not only the country's biggest company but also one of its most profitable: it reported a 38% rise in net income for 1999. Protests against the stock scheme by labor unions and leftist politicians did little to rouse the public, in part because...
...does now. Telefonica's market capitalization has doubled to $80 billion on Villalonga's watch, and in February he reaped a $17 million windfall from his options. It put him at the center of a political tempest in the run-up to Spain's elections in March. The left-wing opposition to conservative Prime Minister Jose Maria Aznar, a boyhood friend of Villalonga's, attacked Aznar's coziness with the Telefonica chief and the Prime Minister's tacit approval of the stock-option scheme, which the opposition characterizes as a brazen display of corporate avarice. United Left party leader Francisco...
...industrial zone just outside the capital city, joint ventures between Spanish and foreign firms are mushrooming. Perhaps the most impressive project is a $200 million plant being built by a partnership of AT&T and Spain's Telefonica. The factory will soon begin producing 3,000 highly complex custom-made electronic microchips a week for export. AT&T was lured in part by the Spanish government's aid, which included a $74 million cash subsidy, a $75 million loan and 400 acres of land...
...civil-war-torn Madrid, I.T. & T.'s 13-story Telefonica headquarters was shelled 184 times by Franco gunners, while retreating Loyalists threatened to blow it up as a suspected spy center. Ramrod-stiff Colonel Behn himself arrived to save I.T. & T.'s besieged fortress, eventually sold the whole Spanish company to Franco for $88 million. In Western Europe, Nazi expropriations cut the 40% income that I.T. & T. got from the subsidiary International Standard Electric, to zero. But in Rumania, Behn arrived in the nick of time, sold out for $13.8 million shortly before the country went over...