Spanish Telefónica Group is planning a complete takeover of its German subsidiary Telefónica Deutschland.
For a total of €1.9 billion, the telco wants to acquire a further 28% of Telefónica Deutschland, according to a statement. The offer price of €2.35 per share represents a 37.6% premium to the last closing price, leading to a sharp rise in the share price on the stock exchange.
Telefónica Group believes that the offer represents an attractive opportunity for shareholders to obtain liquidity at a significant premium. The parent company previously held around 70% of the shares in its German subsidiary.
CEO Markus Haas stated in a conference call that, according to his interpretation, a delisting is not under discussion.
