ATT/PHILIPS VENTURE GETS SPANISH GOVT APPROVAL
ATT/Philips (APT), the
joint venture between American Telephone and Telegraph Co <T>
of the U.S. And N.V. Philips Gloeilampenfabrieken <PGLO.AS>,
said the Spanish government had approved its setting up of a
joint venture in Spain. The government had also awarded it an
order for the state-controlled Compania Telefonica Nacional de
Espana <TELF.MA> (Telefonica), APT said.
    APT will take a majority stake in a new company to be
formed with the Spanish firm <Amper> which will make
transmission equipment for Telefonica.
    The order is expected to be worth some 30 mln dlrs per
year.
    Further negotiations with Telefonica have yet to be
concluded, however, an APT spokesman said.
    For Philips, the order is an important first step into the
Spanish market, a company spokesman said.
   REUTER
