The Spanish telecommunications company, Telefonica, has announced moves to take full control of four of its subsidiaries in Latin America.

Telefonica's president, Juan Villalonga, told a news conference in Madrid on Thursday that the company would issue some twenty billion dollars worth of new stock to fund the acquisitions in Brazil, Peru and Argentina. The share issue is expected to be approved by shareholders at an extraordinary meeting in February. Analysts say Telefonica is aiming to expand its dominance in Latin America, one of the world's fastest growing telecommunications markets, and to compete effectively with other international companies in the telephone, mobile phone and Internet markets.

From the newsroom of the BBC World Service