Telefonica to list up to 23.17% of German unit

Spanish telecoms group Telefonica has said it plans to list up to 23.17% in its German unit at between EUR5.25 and EUR6.50 (USD6.8-USD8.4) per share, valuing the stake at EUR1.52 billion, according to Reuters. A total of 225 million shares in Telefonica Deutschland Holding will be offered to the market, and the lead banks will have the option to buy up to 33.75 million additional shares. Telefonica, which is struggling to cut its debt burden amid falling revenue and profit in its domestic market, said that the offer period will commence on 17 October and is scheduled to end on 29 October, with trading to begin on the Frankfurt Stock Exchange the following day.