Ham­burg/Stut­tgart – Spanish tele­com­mu­nic­a­tions group Telefónica S.A. intends to fully acquire its German subsidiary, which operates under the brand name O2. To do this, the parent company made an offer to the shareholders of listed company Telefónica Deutschland Holding AG to acquire their approximately 551 million shares, representing around 18.52% of the share capital. The offer was made on 5 December 2023 through its wholly-owned subsidiary Telefónica Local Services GmbH. The acceptance period for the offer ended on 17 January 2024. The offer price per share was EUR 2.35 in cash, making the acquisition offer worth around EUR 1.3 billion. The offer was accepted by a total of some 234 million shares within the acceptance period. When the time limit expired, Telefónica S.A. had a total direct or indirect holding of around 93.1% in Telefónica Deutschland Holding AG.A CMS team headed by Dr Henrik Drinkuth and Dr Karsten Heider advised the management board of Telefónica Deutschland Holding AG on all legal aspects of the acquisition offer. Telefónica Deutschland has relied on the expertise of CMS for many years, with a recent example being the advice provided on a fibre optic joint venture with Telefónica Infra and Allianz. CMS Germany Dr Henrik Drinkuth, Partner Dr Karsten Heider, Partner, both Lead Dominik von Zehmen, Counsel Carola Kürten, Senior Associate, all Corporate/M&APress Con­tact presse@cms-hs. com

The importance of ESG-compliant action for companies should not be underestimated. Many customers, investors, business partners and frequently also company management itself attach great importance to operating responsibly and ecologically. In our new "Update Corporate Law" podcast, Dr Daniel Otte and Carola Kürten talk about the increasing importance and diverse nature of E, S and G in a corporate context, as well as other relevant aspects. Topics covered include ESG reporting obligations, particularly the changes that the Corporate Sustainability Reporting Directive (CSRD) brings for companies. Have a listen.