Telefonica Said to Squeeze Discounts From Banks in Unit IPO

  • Banks charging less than usual to advise on Telxius listing
  • Telefonica leveraging power as client, lack of Spanish deals

Telefonica SA wrangled fee discounts from banks working on the initial public offering of its infrastructure unit as a dearth of deals in Spain gave it bargaining power over its advisers, people familiar with the matter said.

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