Telefónica, S.A. (BME:TEF) hired the advice of Morgan Stanley to analyse its operations in Latin America - exception Brazil - and consider the options to divest assets, float shares or find suitable strategic partners. There was a regrouping of assets in Colombia, Chile, Mexico, Argentina estimated to be worth $12,000 million, put under single umbrella, as Telefonica wants to reduce exposure to the volatility of the Latin American markets. Among the potential partners rumors point to Millicom International Cellular S.A. (NasdaqGS:TIGO) and Liberty Latin America Ltd. (NasdaqGS:LILA).