Telefonica, moving forward with a sale of stock in its infrastructure business as it seeks to pare debt, could do the same with its British wireless unit O2 this year if market conditions are favourable, chairman Jose Maria Alvarez-Pallete said.

In the days before announcing his departure as chairman and chief executive of Telefonica, César Alierta boarded a private plane for Rome to confer with the Pope about his plan, according to people with knowledge of the matter.