Link Securities| In connection with the publication of the relevant offer document relating to the voluntary partial takeover bid launched by Telefónica – through Telefónica Local Services GmbH – for shares of Telefónica Deutschland Holding AG, the company informs that the Management Board and Supervisory Board of Telefónica Deutschland have issued the relevant joint report on the Offer. According to the report, the Management Board and the Supervisory Board of Telefónica Deutschland recommend that its shareholders accept the Offer.
On the other hand, the business and finance daily, Expansión, reports in today’s edition that Telefónica has informed the trade unions that it has cut the maximum number of redundancies in the Redundancy Plan (ERE) by 23%, from 5,124 to the current 3,959 workers, which would represent 25% of the workforce under agreement. However, the telecommunications company has reduced the 65% annual salary payment to 60%, 55% or 50%, depending on the recipient’s age.
