Telefónica wants to take over German subsidiary completely
The Spanish Telefónica Group wants to take over its subsidiary Telefónica Deutschland completely. The Spaniards want to pay 2.35 euros per share for around 840 million outstanding shares, as they surprisingly announced in Madrid on Tuesday. The bidder has no intention of concluding a domination or profit and loss transfer agreement.
Telefónica Germany CEO Markus Haas said in a telephone conference that, according to his interpretation, a delisting of the German subsidiary was not on the cards. After the news became known, the Telefónica Germany share was suspended from trading. According to its own information, Telefónica currently holds just under 70 percent of Telefónica Deutschland.
The takeover of Telefónica Deutschland by its parent company, Telefónica, is centered around the telecommunications sector. Following the announcement, Telefónica intends to gain full control of its German subsidiary by purchasing the remaining outstanding shares.
Source: www.dpa.com
