Telefonica Chile shareholders block buy-out

8 Oct 2008

As widely predicted yesterday, shareholders of Telefonica Chile have blocked a bid by Spanish parent Telefonica to gain sole control of the Chilean telco. Shareholders voted against a modification of corporate bylaws that was needed to allow the nearly USD1 billion buy-out offer to go through, Reuters reports. Shareholders rejected an offer of CLP1,000 (USD1.69) per share from the Spanish company, which currently owns about 45% of the Chilean telco.

Chile, Movistar Chile (Telefonica Chile), Telefonica