Guaranteed Sale
The subscription period for the sale runs from tomorrow through Sept. 23, Telefonica said.
The commission had been concerned that removing E-Plus, known for pioneering discounts and new products, would reduce competition in Europe’s biggest telecommunications market. To appease the regulator, Telefonica Deutschland agreed to sell as much as 30 percent of the merged carrier’s network capacity to smaller operator Drillisch AG.
The targeted amount of the capital increase is guaranteed to be reached because Telefonica, which owns a 77 percent stake, will buy all the new shares to which it is entitled, and the banks managing the offer agreed to purchase any shares not acquired, Telefonica Deutschland said. Following the July 2013 agreement to buy E-Plus, the company said it would raise about 3.7 billion euros in a rights issue.
The prospectus will include a description of the dividend policy for the combined entity and a proposed cash dividend of at least 700 million euros for the financial year 2014, payable in 2015, Telefonica Deutschland said.------77% naar telefonica zelf.