Surely it's sensible economics? Selling non-core assets is what multli-nationals do all the time. That being said the Spanish economy is in a bigger mess than the UK and consequently financing is more expensive. But Telefonica's German subsidiary has just raised finance on the German Bond market, which is cheaper, so perhaps something similar may be in the offing in the UK. Much as we hate change it isn't a synonym for decay. Though the sentiment is long-standing as that Victorian hymn declares. But competition is an unstable beast. And business is convenient cohabitation, not a marriage for love.
