Telefónica announces the completion of the acquisition of 5.65% of its German subsidiary

City Delegates Committee telephone agreed to present proposal for public expulsion in order to acquire what is left of his German branchHe 5.65% capitalfor a maximum amount of 395 million euros, as announced this Thursday by the operator.

Therefore, this exclusion proposal can be accepted at most 168,076,494 shares from Telefonika Germany, which represent approximately 5.65% of the share capital and coincide with the number of shares that the Telefónica group does not currently own.

You may be interested in: Economics clarifies that it is Sepi who is responsible for entering Telefonica

Last November, Telefonica filed for a voluntary takeover of its German subsidiary, through which it achieved increase your participation at Telefónica Deutschland from 71.81% to a higher percentage by 93%, for a total of 1.483 million euros. The consideration then offered, €2.35 in cash for each share, would be the same as in this new non-takeover offer, which would not be subject to any conditions.

Telefónica has assured that it has at its disposal the necessary funds to pay the maximum total amount of remuneration. 395 million euros

for 5.65% of the capital of its German subsidiary.

The operator also signed an agreement with Telefónica Deutschland under which its German subsidiary pledged to support its exclusion from trading. Therefore, trading Telefonica Deutschland shares on a regulated market Frankfurt Stock Exchange will cease upon effective exclusion from trading, which may result in a further reduction in the liquidity and affordability of Telefónica Deutschland shares from that point onwards. This, in turn, could cause the share price to fall.

The exclusion proposal period is scheduled to begin in late March or early April 2024, and proposal settlementscheduled for late April/early May, “will take place as soon as possible after the end of the acceptance period,” according to the operator.

Telefónica has informed Telefónica Deutschland that they do not currently intend to maintain the payment of dividends beyond the already confirmed dividend of €0.18 per share corresponding to the 2023 financial year.

News produced by Europa Press.