Telefonica completes acquisition of outstanding 1.8% of TdA

28 Jan 2010

Spanish telecoms group Telefonica has completed the acquisition of the remaining 1.8% of its Argentine subsidiary, Telefonica Argentina (TdA), that it did not already own, Dow Jones Newswires reports. In a statement sent to the Buenos Aires stock exchange, the company said it completed the acquisition on 25 January, and that as a result TdA’s shares have been delisted. As reported by CommsUpdate, Argentine securities regulator, Comision Nacional de Valores (CNV), approved the transaction in December 2009, after the Spanish group offered one Argentinean peso a share – or its equivalent in US dollars – for the roughly 126 million shares of TdA it did not control the previous June. A month earlier, a minority shareholder at TdA had called on Telefonica to launch an offer for the remaining shares, highlighting that under Argentine law, companies must make a 100% offer once they control more than 95% of a company’s shares. The total value of the operation is expected to reach EUR22 million (USD32.7 million).

Argentina, Telefonica, Telefonica Argentina (Movistar)