Telefonica Seeks 28% in German Unit for €2 Billion
- Spanish carrier aims to buy 28.2% of German arm for €2 billion
- Telefonica owns rest of unit, whose shares plunged recently
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Spain’s Telefonica SA is seeking to buy up the outstanding shares in its German unit for as much as €2 billion ($2.2 billion) in a bid to take the company private.
The move to acquire 28.2% of Telefonica Deutschland Holding AG comes three months after the loss of a wholesale contract caused shares of the German carrier to plummet. Telefonica already owns the remainder of the company, directly or indirectly.