Telefonica to Seek Delisting of German Unit
By Adria Calatayud
Telefonica Deutschland Holding said it intends to delist and that its Spanish parent made a cash offer to buy the 5.65% stake in the business that it doesn't already own.
Telefonica said Thursday that it is offering 2.35 euros ($2.56) in cash for each Telefonica Deutschland share that it doesn't own. The price is in line with an offer Telefonica made last year to take full control of its separately listed German subsidiary, as part of which it increased the stake it holds directly or indirectly to 94.35%.
Shares in Telefonica Deutschland closed at EUR2.34 on Wednesday.
Telefonica said it believes the offer provides another opportunity for all remaining Telefonica Deutschland shareholders to access liquidity at an attractive price. Telefonica Deutschland separately said it supports the delisting from the Frankfurt Stock Exchange.
The Spanish company said it doesn't intend to support the distribution of Telefonica Deutschland dividends in future years beyond the payout proposed for 2023.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 07, 2024 02:47 ET (07:47 GMT)
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