In the last five years Telefonica has built Tisa into the dominant operator in the fast-growing Latin American market.
However, one of the few certainties is the determination of Telefonica to retain a 51 per cent stake in its subsidiary. Tisa is its golden egg; it is not prepared to see it pass into other hands.
Telefonica, Spain's national telecommunications operator, is negotiating the sale of a minority stake in Telefonica Internacional (Tisa), the profitable holding company that groups its substantial Latin American assets.