Source - SMW
Telefonica, S.A. has announced its intention to proceed with an offering of shares of its telecommunications infrastructure subsidiary Telxius Telecom, S.A.U., addressed to qualified investors. 

The Offering is expected to take place during the second half of 2016, following receipt of the approval by the Comision Nacional del Mercado de Valores of the Offering prospectus.

Telxius intends to apply for the listing of its shares on the Barcelona, Bilbao, Madrid and Valencia stock exchanges, as well as their inclusion in the Spanish electronic trading system (Continuous Market).

The free float of Telxius will be at least of 25%, the minimum legally required for the listing, and, at the same time, will enable Telefonica, S.A. to maintain a majority stake in Telxius immediately after the offering.

At 9:40am: (LON:TDE) Telefonica SA share price was +0.32p at 9.42p