Telefónica owns 96.75% of CTC following tender offer

By Lisa Kerner

Charlotte, N.C., Nov. 3 - Telefónica SA subsidiary Inversiones Telefónica Internacional Holding Ltda. said a total of 458,071,586 series A shares and 38,270,113 series B shares issued by Compania de Telecomunicaciones de Chile SA were tendered in Telefónica's offers that ended Thursday and Friday.

The offers were held simultaneously on the Stock Exchange of Santiago de Chile and on the New York Stock Exchange.

As a result of the offers, Telefónica's indirect ownership in CTC increased to 96.75% from 44.9%.

According to Telefónica, it invested approximately 542 billion Chilean pesos, or about €640 million, in the transaction.

It was previously reported that Telefónica would pay 1,100 Chilean pesos per CTC series A share, 990 Chilean pesos per CTC series B share and 4,400 Chilean pesos per CTC American Depositary Share.

CTC shareholders recently approved a bylaw amendment, removing the ownership restriction that limits to 45% the percentage of CTC shares that may be owned or voted by a single shareholder.

Based in Madrid, Telefónica provides fixed and mobile telephony services through telecommunications networks in Spain, Europe and Latin America. CTC is a Santiago, Chile, telecommunications company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.