Telefonica Launches EUR1.97 Billion Bid to Take Full Ownership of German Unit
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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