Telefónica has gone from having 71.81% of its German subsidiary, Telefónica Deutschland, to controlling 93.1%. This increase in participation has cost it 1,483 million euros and has been the result of the takeover bid that it launched last November.
The firm chaired by José María Álvarez-Pallete has managed to increase its participation in Telefónica Deutschland to 93.1% of the share capital and voting rights , taking into account that the total number of shares that have accepted its takeover bid launched on November 7 , plus the number of securities that were already owned by them amount to 2,769 million shares.
For this, Telefónica has disbursed “a total amount of approximately 1,483 million euros , paid entirely in cash,” Telefónica tells the National Securities Market Commission (CNMV). The Spanish telecom offered 2.35 euros in cash for each Telefónica Deustchland share, which meant paying a premium of around 37.6%.
At the time of launching the takeover bid, Telefónica directly and indirectly controlled 71.81% of the capital of its German subsidiary (which operates under the O2 Germany brand), so it was aimed at the remaining 28.19%, in order to take over 100% of the capital.
However, a total of 7.86% of Telefónica Deutschland shares, representing 233,732 million shares, have accepted the takeover bid .
Furthermore, Telefónica adds that since the announcement of the offer, it has acquired, outside of the takeover bid, an additional 13.43% of its share capital and voting rights (including the 1.32% acquired as a result of the liquidation of financial instruments). .
Given that the offer was not subject to a minimum acceptance percentage and that no regulatory approval was necessary for this operation to be carried out, the offer will be settled next Friday, January 26, after it ended on January 17. the acceptance period.
Focus on your strategic markets
With this takeover bid, Telefónica reinforces its strategy of focusing on its main geographic markets ( Spain, Brazil, Germany and the United Kingdom ), as well as its “firm commitment to the German market, one of the most attractive and stable telecommunications markets in Europe.” , as announced by the teleco at the time of launching this offer.
Likewise, the Spanish multinational stated that this takeover bid contributes to its efforts to simplify the group’s structure.