César Alierta said yesterday that he will use some Telefónica shares to buy GVT. This should not be done all the time, because it affects shareholders, but this time it is justified because the company will need to raise less capital than expected to buy GVT.
Further, Telefónica thinks that the main focus is to use every resource it can get its hands on in order to avoid more debt. Alierta has made a bold and crafty move, and the way the deal is developing shows that others are on board. The market likes the deal conditions, which is a vote of confidence in the Spanish multinational.