Telefonica Deutschland : An acquisition bid in excess of the group’s value
>A premium vs the sector - We have upgraded our recommendation to Neutral, assuming that the share price will now stabilise at the offer price of € 2.35 proposed by Telefonica for the acquisition of the 28% stake in the group that it does not already own (€ 2bn). This offer is 38% above the share price. We anticipate no battle on the acquisition price and would recommend tendering to the offer once its opens. Telefonica has decided to buy Telefonica Deutschland f...Telefonica Deutschland Holding is a telecommunication company. Co. offers its consumer retail and business customers postpaid and prepaid wireless communications products, along with wireless data services using Global Packet Radio Service, Universal Mobile Telecommunications System and Long Term Evolution technology as well as Digital Subscriber Line wireline telephony and high-speed internet services. Co. markets its products and its wireless and wireline communications products as well as services via the core brand O2. Co.'s secondary brands include the brands Fonic and netzclub. Co. also markets high-speed DSL internet access and wireline telephony.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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