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Telefónica reaches 96.85% of the shares of its German subsidiary after completing its exclusion takeover bid

MADRID, 23 Abr.

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Telefónica reaches 96.85% of the shares of its German subsidiary after completing its exclusion takeover bid

MADRID, 23 Abr. (EUROPA PRESS) -

Telefónica has reached 96.85% of the shares of its German subsidiary, Telefónica Deutschland, after completing the public takeover bid (OPA) for exclusion launched by the operator on March 7.

Telefónica's objective with this operation was to acquire what remained of its German subsidiary, 5.65% of the capital, for a maximum amount of 395 million euros. Finally, it has acquired 2.50% of the capital for an amount of 175 million euros.

Specifically, the total number of shares that have accepted the exclusion offer and the number of Telefónica Deutschland shares acquired since the announcement of the offer and until the close of the last trading session of the acceptance period amount together to 74,338,954 shares, representing approximately 2.50% of the share capital and voting rights of Telefónica Deutschland, for a total price of approximately 175 million euros, paid entirely in cash.

As reported this Tuesday by the company chaired by José María Álvarez-Pallete, the offer acceptance period concluded on April 18 at midnight, and at its end, Telefónica has achieved ownership of approximately 96.85% of the shares. from Telefónica Deutschland.

The public offer for exclusion from trading was made on all registered shares without par value of Telefónica Deutschland that were not directly owned by Telefónica.

The operator anticipates that the settlement of the offer and the payment of the price in cash will take place on April 29.

Trading of Telefónica Deutschland shares on the regulated market of the Frankfurt Stock Exchange ended on April 18, 2024 after the delisting became effective.

Last November, Telefónica launched a voluntary takeover bid for its German subsidiary with which it managed to increase its stake in Telefónica Deutschland from 71.81% to a percentage greater than 93%, for a global amount of 1,483 million euros.

The consideration offered then, 2.35 euros in cash for each share, is the same as that offered in the exclusion takeover bid launched in March.