In a bid to escape its weighty debts, BT is planning to sell its stakes in the Japanese and Spanish markets to Vodafone.
As new chairman Sir Christopher Bland takes the reins at BT, it looks like his first job will be to slash £10bn off the company's debts.
Should Vodafone buy BT's 20 per cent stake in Japan Telecom it would control 45 per cent of the nation's third largest phone company. Vodafone has also shown an interest in BT's 17.8 per cent stake in Spain's Airtel, which would take its total holding to 91.6 per cent.
The combined sales would raise about £5bn for BT, immediately taking the telco to half its target of eliminating £10bn worth of debt this year. All together, BT has amassed over £30bn in debt.
In a joint announcement yesterday, Legal & General Group, which holds around three per cent of BT, said that the company may also sell off nearly £7.5bn in stock to shareholders to raise more money.
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