Telefonica Deutschland Recommends Shareholders to Accept Telefonica Takeover Offer
13 Dezembro 2023 - 7:51AM
Dow Jones News
By Nina Kienle
Telefonica Deutschland has recommended that its shareholders
accept the 1.97 billion euro ($2.11 billion) takeover offer from
Telefonica, which would give the Spanish parent company full
ownership.
The management and supervisory boards of the German arm of the
Spanish telecommunications provider said on Wednesday that they
found the offer to be fair financially.
Telefonica said in November that it would pay EUR2.35 per share
for the 28.19% stake in Telefonica Deutschland it doesn't already
own.
By taking full ownership, Telefonica aims to increase the German
company's contribution to group profit and cash flow, aligning it
with its own strategy to focus on core markets.
The acceptance period began on Dec. 5, and runs until Jan. 17,
2024.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
December 13, 2023 05:36 ET (10:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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