Telefonic to raise cash to pay for E-Plus
Telefonica Deutschland said in a statement it will issue 1.117bn new shares at a price of €3.24 each, raising a total €3.62bn in all.
"The funds will be used to pay cash for E-Plus," the statement said.
The EU Commission gave the go-ahead to the deal in July in a deal estimated to worth a total of €8.5bn, which will merge Germany's third and fourth-biggest telecommunications operators.
Telefonica Deutschland said that the €3.62bn capital increase will be by means of a rights issue, where the new shares are offered to existing shareholders first in a ratio of one new share for every existing share held.
The subscription period will run from 10 September until 23 September. The Spanish parent Telefonica, which indirectly holds 76.83% of Telefonica Deutschland, will exercise its subscription rights in full, the statement said.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
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