Telefonica Launches EUR1.97 Billion Bid to Take Full Ownership of German Unit
07 Novembro 2023 - 5:32AM
Dow Jones News
By Adria Calatayud
Telefonica is launching a bid to take full ownership of
Telefonica Deutschland Holding, offering 1.97 billion euros ($2.11
billion) for the shares it doesn't hold.
The Spanish telecommunications company said Tuesday that it is
offering EUR2.35 a share for the 28.19% stake in Telefonica
Deutschland it doesn't already own or has rights to acquire. The
price represents a 38% premium to Telefonica Deutschland's closing
price of EUR1.71 on Monday.
Telefonica said it plans to revise Telefonica Deutschland's
dividend policy in the context of its offer beyond the payout of
EUR0.18 a share already confirmed for this year. The bidder said
its offer provides an alternative to access liquidity for
Telefonica Deutschland investors.
The offer will also increase Telefonica Deutschland's
contribution to the group's consolidated profit and cash flow, in
line with Telefonica's strategy to focus on core markets, it
said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
November 07, 2023 03:17 ET (08:17 GMT)
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