Telefonica Chile shareholders approve Telefonica offer

29 Oct 2008

Shareholders in Telefonica Chile have voted in favour of Spanish company Telefonica’s tender offer. Over 85% of shareholders gave the green light to a change in company by-laws that will allow Telefonica to acquire the 55.1% of shares it does not already control. Approval came after Telefonica sweetened its offer, allowing it to obtain the support of Chilean private pension fund managers, which currently hold 20.8% of the company.

Chile, Telefonica, Telefonica Moviles Chile (Movistar)