The world
Updated Monday, January 22, 2024-11:52
Empresas Telefónica rules out staff cuts in its German subsidiary and receives authorization for its takeover bid
Telefónica
has completed the takeover bid for its German subsidiary with a disbursement of 1,483 million euros that has allowed it to reach 93.1% of the company's capital.
The company has informed the National Securities Market Commission (CNMV) this Monday that since the announcement of the takeover bid on November 7, 2023 until the end of the acceptance period, on January 17, 2024, the offer
has been accepted by shareholders holding 7.86%
of Telefónica Deutschland shares, according to
Europa Press
.
Furthermore, since the takeover bid was announced, Telefónica has acquired, outside of the offer, approximately 13.43% of the share capital and voting rights of Telefónica Deutschland, including the liquidation of financial instruments that gave Telefónica the right to acquire approximately 1.32% of the share capital of Telefónica Deutschland.
In this way, after the takeover bid and the rest of the operations carried out by the operator, its participation in the share capital of its German subsidiary has gone from 71.81% to 93.1%.
The company has explained that no regulatory approval is necessary for this operation to be completed, which is why it anticipates that the settlement of the takeover bid and the payment of the offer price will take place this Friday,
January 26
.
At the beginning of November, Telefónica launched a takeover bid for shares representing a maximum of 28.19% of the share capital and voting rights of its German subsidiary for a maximum amount of 1,970.3 million euros.
The operator launched its offer taking advantage of the drop in the subsidiary's price due to the loss of an important wholesale contract.
With this move, the Spanish company completely consolidates its German business, which will pay it higher dividends and reduce costs for the company that will maintain its management and Board.