Telefonica's stake in German unit reaches 93% in tender offer

Telefonica Deutschland Holding AG

22/01/2024 07:34

Jan 22 (Reuters) - Spain's Telefonica  TEF.MC  said on
Monday its stake in German unit Telefonica Deutschland  O2Dn.DE 
had reached 93.1% during a tender offer it launched for shares
in the company.   
    The Spanish company said in November it would offer to buy
the 28.19% in Telefonica Deutschland it did not own for 2.35
euros ($2.56) per share.
    During the public tender offer, Telefonica bought about 630
million shares from minority holders, the equivalent of about a
21% stake, for about 1.48 billion euros.
    The offer is expected to be settled on Friday.
    Telefonica Deutschland has a market value of around 7
billion euros.
    The deal is part of the Spanish telecom company's three-year
strategic plan to focus on its four biggest markets: Spain,
Brazil, Britain and Germany. 
    The company intends to boost profitability by reducing
capital expenditure, raising revenue and cutting costs. 
    ($1 = 0.9171 euros)

 (Reporting by Matteo Allievi; editing by Inti Landauro and
Jason Neely)
 ((matteo.allievi@thomsonreuters.com;))