Telefonica will make a play to acquire 100% of Chilean fixed line incumbent Telefonica Chile (formerly known as CTC) for EUR703 million (USD984 million) through a public tender offer to be held in the next five working days, the company said in a statement to the Madrid stock exchange. Telefonica will launch the tender offer through its wholly owned subsidiary Inversiones Telefonica Internacional Holding to acquire all outstanding shares of Telefonica Chile that it does not already own and that amount to 55.1% of the total outstanding shares. The offer will be made for shares traded on the Santiago stock exchange and for ADSs traded on the NYSE at a price of CLP1,000 for each series A share and CLP900 for series B shares for a total of approximately EUR703 million, depending on the exchange rate. The transaction will be declared successful only if at the end of the process Telefonica reaches a minimum 75% stake in the company. As a previous requisite, Telefonica Chile’s shareholders will have to approve a change in the company’s bylaws in order to, among others, remove the current 45% ownership restriction.