OXFORD, England-In March, shareholders of the privatized Spanish operator Telefonica approved a new group structure as well as a proposal to raise Pta 600 billion (US$3.97 billion) through the largest-ever rights issue by a Spanish company. Approval was granted at the shortest-ever meeting in Telefonica’s history, broken up after just 12 minutes by protesting employees.
Telefonica has rejected its employees’ claim that the reorganization will entail a loss of 25,000 jobs, but the reorganization does involve a name change. Telef
