Telefonica Deutschland soars after parent co launches offer for 28% stake

Telefonica Deutschland Holding AG

07/11/2023 09:05

** Shares of Telefonica Deutschland  O2Dn.DE  jump around
40% after its parent Telefonica  TEF.MC  said it has agreed to
launch a public tender offer for the remaining shares in the
German unit
    ** The Spanish telecom firm, which holds around 71.81% of
Telefonica Deutschland shares, said it will offer to buy the
remaining 28.19% stake for 2.35 euros ($2.51) per share in cash
    ** The price represents a premium of almost 38% to
Telefonica Deutschland's closing price of 1.7075 euros on Monday
    ** Telefonica's shares are down 0.6% at 0903 GMT
    ** Telefonica Deutschland's stock tops Germany's mid-cap
index  .MDAXI  and is on track for its biggest daily increase
ever

($1 = 0.9347 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))