InfoAnda - Telefonica hopes for 1.5 billion euros from German sale |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Yen dives to five-month lows against dollar, euro | 6 April 2009
Artist Andrew Wyeth dies at age 91 | 17 January 2009
Exclusive: Cuba sweetens pot for new private farmers | | 20 December 2011

Viacom video lawsuit vs Google's YouTube revived | | 5 April 2012

Forum Views () Forum Replies ()

Read more with google mobile : Telefonica hopes for 1.5 billion euros from German sale |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Aerospace & Defense Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Campaign Polling Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Nader Mousavizadeh Lucy P. Marcus Nicholas Wapshott Bethany McLean Anatole Kaletsky Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Reihan Salam Frederick Kempe Christopher Papagianis Mark Leonard Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Citigroup CEO Vikram Pandit resigns 11:07am EDT Exclusive: Study shows $1.2 trillion gap for public pensions 15 Oct 2012 "I take responsibility" for Benghazi: Clinton 10:40am EDT Taliban says its attack on Pakistani schoolgirl justified 8:16am EDT Paul Ryan's charms fall flat in Irish homeland 9:13am EDT Discussed 163 Democrats frustrated by Obama’s ”Big Bird” campaign turn 138 Biden and Ryan in high-stakes election debate 96 Jobless claims fall to lowest in four and a half years Sponsored Links Telefonica hopes for 1.5 billion euros from German sale Tweet Share this Email Print Related News Global stocks rise on Spain bets and data, euro flat Mon, Oct 15 2012 Euro flat vs. dollar, awaiting word that Spain seeks help Mon, Oct 15 2012 Telefonica sells $1.3 billion call centre arm to cut debt Fri, Oct 12 2012 Merkel to visit Greece as money running out Fri, Oct 5 2012 Spain's tax take tumbles as companies go abroad Wed, Oct 3 2012 Analysis & Opinion Golden Time for Turkey The euro zone: choose your own adventure Related Topics Tech » By Clare Kane MADRID | Tue Oct 16, 2012 11:04am EDT MADRID (Reuters) - Telefonica hopes to raise around 1.5 billion euros ($2 billion) by selling part of its O2-branded German subsidiary on the stock market, as it chips away at its huge debts. Europe's largest telecoms company by revenue has said it could also sell businesses in Latin America as it tries to cut its 58 billion euro debt pile and hang on to its prized investment-grade rating, under pressure from the euro crisis in its Spanish home market. Telefonica plans to list up to 23.2 percent of its German subsidiary at between 5.25 euros and 6.50 euros per share, the company said on Tuesday, which at the mid-point values the stake at about 1.52 billion euros. Espirito Santo analyst Will Draper said proceeds from this sale and another announced last week were not enough to bring Telefonica close to its target leverage ratio of 2.35 x earnings before interest, tax, depreciation and amortization (EBITDA). "It doesn't really scratch the surface," he said. "Telefonica is going to have to make another significant disposal in the 2 to 3 billion euros range." Telefonica agreed to sell its Atento call centre business to U.S. private equity firm Bain Capital for around 1 billion euros, including debt, last week and sold a stake in China Unicom earlier this year. Telefonica Deutschland's initial public offering (IPO) values the whole company around 6.6 billion euros, at the mid-point of the price range. Draper said the valuation equated to 5.6 times EBITDA, which was high compared with peers, meaning the company could struggle to achieve that kind of multiple. In Germany, O2 is the smallest mobile operator with roughly 16.4 percent of subscribers, trailing KPN's E-Plus, Deutsche Telekom and Vodafone. UNDER PRESSURE While Telefonica has lost customers in recession-hit Spain, the German mobile market is the biggest in Europe with almost 114 million users. It offers growth potential as average revenue per user (ARPU) is lower than in other major European countries. Deutsche Telekom, for instance, recorded ARPU of 16 euros in the second quarter, while that figure was 19 euros in the United Kingdom and 33 euros in the United States. O2 Germany's ARPU was just 13.9 euros. After months of inactivity, the European IPO market has started to show signs of life. British insurer Direct Line and Germany's Talanx are among those whose shares have risen on stock market debuts this month. But investors are choosy, seeking good growth prospects and attractive valuations. On Monday, Russia's Promsvyabank postponed its plans to list after failing to attract enough demand. Telefonica Deutschland has attempted to woo investors with the prospect of a 500 million euro dividend next year, contrasting with its parent's decision to cancel its payout for 2012. A London investor in European companies, who asked not to be named, said the shares could be hard to sell. "I think the mobile space across the whole of Europe's going to be quite difficult and you've probably got too many players. I can't imagine it's going to go particularly well." Telefonica will set the final price for the German listing on October 29, with the shares expected to begin trading on October 30. It will offer 225 million shares and a greenshoe, or overallotment, option of 33.75 million shares. The offering is being run by JP Morgan and UBS. ($1 = 0.7730 euros) (Additional reporting by Robert Hetz in Madrid, Kylie MacLellan and Chris Vellacott in London and Maria Sheahan in Frankfurt; Editing by Erica Billingham) Tech Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Tuesday, 16 October 2012
Exclusive: U.S. officials unhappy with handling of Benghazi suspects in April attack |
Palestinian status bid jeopardizes peace process: U.S. |
Gunmen attack Ivory Coast power station, security facilities |
Italy cruise ship's captain tells survivors: I'm sorry |
Analysis: Europe's separatists gain ground in crisis |
West's free speech stand bars blasphemy ban: OIC |
New phone app puts fans more in touch with favorite bands |
New iPhones snapped up in Gaza despite high prices, poverty |
Rolling Stones to play four gigs, Jagger hints at more |
UK band Ultrasound rises from ashes of 90s implosion |
Russell Crowe separates from wife: media |
Tale from Nobel laureate Pamuk takes on Turkish coup |
Peace envoy seeks Iranian help for Syria ceasefire |
I take responsibility for Benghazi: Clinton |
Insight: From guns to laptops, Philippine peace faces arduous road |
Pakistani girl shot by Taliban can recover, doctors say |
South African police clear out Kumba strikers, arrest 40 |
Sudan forces burned, looted remote border village: activists |
Islamic finance struggles toward mainstream in Azerbaijan |
At least five arrested as thousands rally in Kuwait |
Colombia, FARC delay arrival for peace talks in Norway |
Japan's Softbank snaps up Sprint in $20 billion deal |
Amazon to hire more than 50,000 for holiday season |
Panasonic wins $7.6 billion loan commitments from banks |
Yahoo's Mayer taps former Google colleague for COO |
Bye-bye Ricky, hello Tina and Amy for Golden Globes |
Brad Pitt mystifies as first male face of Chanel No.5 |
Lisa Marie Presley duets with dad Elvis in new video |
No hint of mellowing for ex-Sex Pistol John Lydon |
Iraqi Shi'ite militants fight for Syria's Assad |
EU sanctions target Iran oil, gas, tanker companies |
U.N. off track on education goals, progress on gender: report |
Britain blocks hacker's extradition to United States |
Karadzic denies Bosnia war crimes as he starts defense |
Cuba lifting much-reviled travel restrictions |
Colombia, FARC rebels to start peace talks on Wednesday: government |
Chinese increasingly worried about graft, inequality: survey |
Analysis: Softbank deal's big on size, small on change |
EU gives Google four months to amend privacy policy |
Microsoft prices Wi-Fi Surface tablet below new Apple iPad |
Facebook opens first international engineering centre in London |
Britain blocks hacker's extradition to United States |
Telefonica hopes for 1.5 billion euros from German sale |
Under-fire ZTE sells surveillance systems subsidiary |
Diebold cuts full-year forecast on delays in Brazil |
Battery maker A123 Systems files for bankruptcy |
World Chefs: No borders for Heinz Beck in culinary world |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01