Telefonica cuts dividend as last resort to lowering debt

(Telecompaper) Telefonica has cut its proposed full-year dividend as the operator looks to hold on to cash flow for investments and debt maintenance. The company said it will pay a voluntary stock dividend of EUR 0.35 per share in Q4 plus EUR 0.20 in cash in Q2 2017, compared to a previous forecast of EUR 0.75 per share for this year. In 2017, it plans a cash dividend of EUR 0.40 per share.