Telefónica to sell shares in Germany

Spanish operator group Telefónica plans to sell shares in its German business on the Frankfurt Stock Exchange.

The company is offering 258,750,000 shares to the market, representing approximately 23.17 per cent of Telefónica Deutschland’s share capital. Telefónica Group will remain the majority shareholder of the company.

The oprator group is inviting investors to submit purchase orders for between €5.25 and €6.50 per share, and the operator anticipates raising approximately €1,520m as a result of the IPO.

Trading of Telefónica Deutschland shares will begin on October 30, 2012.