Telefónica has launched a public takeover bid (OPA) of 2.35 euros for 28.1% of the shares of its German subsidiary that the group does not control.
This offer represents a price 36% better than the price of the subsidiary’s securities during the last three months. To complete the takeover of the 83,8452,647 that the Spanish company does not control, Telefónica would disburse 1,970 million euros to complete the operation.
This movement of Telefónica It arrives one day before investor day and the presentation of the strategic plan and has surprised the market. At the beginning of the trading session, Telefónica shares fell more than 2.5%, but less than an hour later they are down just 0.75%. On the other hand, the operation has sparked euphoria in the German market and the rise in Telefónica Germany shares already exceeds 40%, reaching 2.40 euros, above the takeover price.
To encourage shareholders to accept the group’s offer, the operator has warned that it will reduce the dividend by 0.18 euros expected to be disbursed for the current year, as well as reviewing future shareholder remuneration.
Telefónica has framed the takeover bid in its “commitment” to the German market and the rest of the strategic markets (Brazil, the United Kingdom and Spain). Likewise, he emphasizes that the operation will allow the group to continue simplifying, in the process of seeking efficiencies that reduce costs.