<SEC-DOCUMENT>0000814052-23-000084.txt : 20231107
<SEC-HEADER>0000814052-23-000084.hdr.sgml : 20231107
<ACCEPTANCE-DATETIME>20231107060436
ACCESSION NUMBER:		0000814052-23-000084
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231107
FILED AS OF DATE:		20231107
DATE AS OF CHANGE:		20231107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA S A
		CENTRAL INDEX KEY:			0000814052
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09531
		FILM NUMBER:		231381376

	BUSINESS ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000
		BUSINESS PHONE:		00 34 91 584 0640

	MAIL ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL TELEPHONE COMPANY OF SPAIN
		DATE OF NAME CHANGE:	19880708
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tef-sharesteld.htm
<DESCRIPTION>6-K
<TEXT>
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<div id="i67861b634fdf4121b10da9a00d717a0b_1"></div><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Washington, D.C. 20549</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Form 6-K</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">For the month of November, 2023</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Commission File Number&#58; 001-09531</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Translation of registrant's name into English)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Distrito Telef&#243;nica, Ronda de la Comunicaci&#243;n s&#47;n,</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">28050 Madrid, Spain</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">+34 91-482 87 00</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Address of principal executive offices)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F&#58;</font></div><div style="padding-left:106.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:54.647%"><tr><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.978%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Form 20-F</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">X</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Form 40-F</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)&#58; </font></div><div style="padding-left:106.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:54.647%"><tr><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.978%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Yes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">No</font></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">X</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)&#58; </font></div><div style="padding-left:106.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:54.647%"><tr><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.978%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Yes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">No</font></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">X</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">TABLE OF CONTENTS</font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:76.820%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Item</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Sequential Page Number</font></td></tr><tr style="height:16pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Telef&#243;nica&#58; Public acquisition offer for shares representing up to 28.19% of Telefonica Deutschland</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2</font></td></tr></table></div><div style="margin-bottom:8pt;text-align:center"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:47px;margin-bottom:5pt;vertical-align:text-bottom;width:177px"></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">The information contained herein is not for publication or distribution, in whole or in part, into, within or from any country where such publication or distribution would be in violation of the relevant legal provisions of such countries.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">TELEF&#211;NICA, S.A. (hereinafter, Telef&#243;nica), in compliance with the Securities Market legislation, hereby communicates the following&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">INSIDE INFORMATION</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">Today, the Executive Commission of Telef&#243;nica, pursuant to the authorization granted by the Board of Directors, has resolved to make, through Telef&#243;nica Local Services GmbH (the &#34;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">Bidder</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">&#34;) (a direct wholly-owned subsidiary of Telef&#243;nica), a voluntary public acquisition offer in the form of a partial offer (the &#34;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">Offer</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">&#34;) for shares representing approximately up to 28.19% of the share capital and the voting rights of Telef&#243;nica Deutschland Holding AG (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">Telef&#243;nica Deutschland</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">&#8221;). The definitive number of Telef&#243;nica Deutschland shares subject to the Offer will be set forth in the offer document.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">Telef&#243;nica currently holds, directly or indirectly, the remaining 71.81% of the share capital and the voting rights of Telef&#243;nica Deutschland, and has advised the Bidder that it has no intention to tender any such shares into the Offer. In addition, Telef&#243;nica directly holds instruments that give Telef&#243;nica the right to acquire approximately 1.32% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">The Offer will be structured as a share purchase. The consideration offered to Telef&#243;nica Deutschland shareholders amounts to EUR 2.35 in cash for each share, representing a premium of approximately (i) 37.6% over Telef&#243;nica Deutschland's yesterday closing price&#59; and (ii) 36.3% over Telef&#243;nica Deutschland's volume-weighted average price during the three months prior to this announcement. The necessary funds are available to Telef&#243;nica to pay the total consideration of the Offer.</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">By making the Offer, the Bidder and Telef&#243;nica intend to increase Telef&#243;nica Deutschland&#8217;s contribution to the consolidated profit and cash flows attributable to equity holders of Telef&#243;nica. In addition, the Offer reinforces Telef&#243;nica&#8217;s strategy to focus on its core geographies (i.e., Spain, Brazil, Germany and the UK) and its strong commitment to the German market, representing one of the most attractive and stable telecom markets in Europe. The Offer also supports Telef&#243;nica&#8217;s efforts to simplify the Group&#8217;s structure and enhances the Euro denominated cash flows generated in the Group. The Bidder has no intention to implement a domination agreement and&#47;or profit and loss transfer agreement.</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">In the context of&#160;the Offer, Telef&#243;nica intends to promote a revision of the current Telef&#243;nica Deutschland dividend policy beyond the already-confirmed EUR 0.18 dividend per share for financial year 2023 and expected to be paid in 2024. Telef&#243;nica Deutschland&#8217;s future dividend policy will be reflective of the needs resulting from the implementation of its current business plan, and accordingly be subject among other things to Telef&#243;nica Deutschland&#8217;s future spending and investment plans, as well as </font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">to other existing or potential risks and contingencies. The Bidder and Telef&#243;nica intend to evaluate Telef&#243;nica Deutschland&#8217;s dividend policy over time jointly with Telef&#243;nica Deutschland&#8217;s management team. Consequently, Telef&#243;nica believes the Offer provides an attractive opportunity to access liquidity at a significant premium for all shareholders, in particular for those focused on the current dividend policy.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">Additional information on the Offer is set out in the announcement published today in the manner prescribed by German law. An informative English translation of the announcement is attached hereto.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">The specific characteristics, conditions and terms of the Offer will be set out in the relevant offer document, which will be published after review and approval by the German Federal Financial Supervisory Authority (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:136%">Bundesanstalt f&#252;r Finanzdienstleistungsaufsicht</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">). </font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">The acceptance period for the Offer will commence upon the publication of the offer document. The Offer will be subject to a customary market MAC (Material Adverse Change) condition and may be subject to regulatory approval, to the extent required. The Offer will not be subject to a minimum acceptance threshold.</font></div><div style="margin-top:6pt;text-align:justify"><font><br></font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">In Madrid, on 7 November 2023</font></div><div style="margin-top:6pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:167%">Important notice&#58;</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:167%">This announcement is for information purposes and neither represents an offer to purchase or sell nor a solicitation of an offer to purchase, sell or tender shares of Telef&#243;nica Deutschland. The complete terms and conditions of the Offer will be published in the offer document after the approval of the offer document by the German Federal Financial Supervisory Authority.</font></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always">
<div id="i9c5a83b84716498db244f799df487a24_1"></div><div style="min-height:118.8pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO, WITHIN OR FROM ANY COUNTRY WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE IN VIOLATION OF THE RELEVANT LEGAL PROVISIONS OF SUCH COUNTRIES.</font></div></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:158%">Publication of the decision to make a voluntary public acquisition offer in the form of a partial offer pursuant to Section 10 para. 1 and para. 3 of the German Securities Acquisition and Takeover Act (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:158%">Wertpapiererwerbs- und &#220;bernahmegesetz</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:158%"> &#8211; &#8220;Wp&#220;G&#8221;)</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:158%">Bidder&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Telef&#243;nica Local Services GmbH </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Adalperostra&#223;e 82-86</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">85737 Ismaning</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Germany</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">registered with the commercial register of the local court of Munich under HRB 287256</font></div><div style="margin-bottom:10pt;text-align:justify"><font><br></font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:158%">Target&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Telef&#243;nica Deutschland Holding AG </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Georg-Brauchle-Ring 50</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">80992 Munich</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Germany</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">registered with the commercial register of the local court of Munich under HRB 201055</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">ISIN&#58; DE000A1J5RX9 &#47; WKN&#58; A1J5RX</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">Information by the Bidder&#58;</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:151%">Today, Telef&#243;nica Local Services GmbH (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:151%">Bidder</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:151%">&#8221;) has decided to make a voluntary public acquisition offer in the form of a partial offer to the shareholders of Telef&#243;nica Deutschland Holding AG, with registered office in Munich, Germany (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:151%">Telef&#243;nica Deutschland</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:151%">&#8221;), to acquire up to 838,452,647 non-par value registered shares in Telef&#243;nica Deutschland not already directly held by the Bidder,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:151%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:151%">corresponding to approximately 28.19% of the share capital and the voting rights of Telef&#243;nica Deutschland, each share representing a proportionate amount of EUR 1.00 of the share capital of Telef&#243;nica Deutschland (ISIN DE000A1J5RX9) (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:151%">Telef&#243;nica Deutschland Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:151%">&#8221;). The offer provides for payment of a cash consideration of EUR&#160;2.35 per Telef&#243;nica Deutschland Share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:151%">Offer</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:151%">&#8221;), representing a premium of approximately (i) 37.6% over Telef&#243;nica Deutschland&#8217;s yesterday closing price and (ii) 36.3% over Telef&#243;nica Deutschland&#8217;s volume-weighted average price during the three months prior to this announcement. The definitive number of Telef&#243;nica Deutschland Shares subject to the Offer will be set forth in the offer document. </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:118.8pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">The Bidder is a direct wholly-owned subsidiary of Telef&#243;nica, S.A., with registered office in Madrid, Spain. Telef&#243;nica, S.A. has and will ensure that the Bidder will have the necessary funds available to pay the total consideration of the Offer at the time the cash consideration will be due.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:158%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Telef&#243;nica, S.A. currently indirectly holds 2,059,117,075 Telef&#243;nica Deutschland Shares, corresponding to approximately 69.22% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights, and directly holds 76,985,271 Telef&#243;nica Deutschland Shares, corresponding to approximately 2.59% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights. In addition, Telef&#243;nica, S.A. directly holds instruments that give Telef&#243;nica, S.A. the right to acquire approximately 1.32% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights. Telef&#243;nica, S.A. has advised the Bidder that it has no intention to tender any of its directly or indirectly held Telef&#243;nica Deutschland Shares into the Offer. </font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">In the context of the Offer, Telef&#243;nica, S.A. intends to promote a revision of the current Telef&#243;nica Deutschland dividend policy beyond the already-confirmed EUR&#160;0.18 dividend per share for financial year 2023 and expected to be paid in 2024. Telef&#243;nica Deutschland&#8217;s future dividend policy will be reflective of the needs resulting from the implementation of its current business plan and, accordingly be subject among other things to Telef&#243;nica Deutschland&#8217;s future spending and investment plans, as well as to other existing or potential risks and contingencies. The Bidder and Telef&#243;nica, S.A. intend to evaluate Telef&#243;nica Deutschland&#8217;s dividend policy over time jointly with Telef&#243;nica Deutschland&#8217;s management team. Consequently, Telef&#243;nica, S.A. believes the Offer provides an attractive opportunity to access liquidity at a significant premium for all shareholders, in particular for those focused on the current dividend policy. </font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">The Bidder has no intention to implement a domination agreement and&#47;or profit and loss transfer agreement.</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">The Offer will be made in accordance with the terms and conditions set forth in the offer document to be approved by the German Federal Financial Supervisory Authority (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:158%">Bundesanstalt f&#252;r Finanzdienstleistungsaufsicht</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">&#160;&#8211; BaFin). The offer document and other information relating to the Offer will be available at https&#58;&#47;&#47;www.td-offer.com. </font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">The acceptance period for the Offer will commence upon the publication of the offer document. The Offer will be subject to a customary market MAC (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:158%">Material Adverse Change</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">) condition and may be subject to regulatory approval, to the extent required. The Offer will not be subject to a minimum acceptance threshold.</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:158%">Important Notice&#58;</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">This announcement is for information purposes and neither represents an offer to purchase or sell nor a solicitation of an offer to purchase, sell or tender shares of Telef&#243;nica Deutschland. The complete </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:118.8pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">terms and conditions of the Offer will be published in the offer document after the approval of the offer document by the German Federal Financial Supervisory Authority. The Bidder reserves the right, to the extent legally permissible, to change the terms referred to herein in the final terms and conditions of the Offer. </font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">Investors and shareholders of Telef&#243;nica Deutschland are strongly advised to read the offer document and any relevant documents in connection with the Offer as soon as such documents are published as they will contain important information. Where appropriate, it is furthermore recommended that investors and shareholders seek independent advice in order to receive individual assessment regarding the Offer.</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">The Offer will be conducted exclusively under the laws of the Federal Republic of Germany and certain applicable provisions of the U.S. securities laws. Any contract concluded on the basis of the Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws. </font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">The Bidder and&#47;or persons acting jointly with the Bidder within the meaning of section 2 para.&#160;5 sentences 1 and 3 Wp&#220;G may acquire, or make arrangements to acquire, Telef&#243;nica Deutschland Shares other than in the course of the Offer on or off the stock exchange prior to publication of the offer document and&#47;or during the period in which the Offer remains open for acceptance, provided that such acquisitions or arrangements to acquire comply with the applicable German statutory provisions, in particular the Wp&#220;G, and the applicable provisions under the U.S. Securities Exchange Act of 1934. If any such acquisitions are made prior to the publication of the offer document, the number of Telef&#243;nica Deutschland Shares subject to the Offer may be less than 838,452,647 Telef&#243;nica Deutschland Shares and the definitive number of Telef&#243;nica Deutschland Shares subject to the Offer will be set forth in the offer document. Information about such acquisitions or arrangements to acquire will be disclosed (i) if consummated prior to the publication of the offer document, in the offer document and (ii) if consummated during the period in which the Offer remains open for acceptance, in the form prescribed by section&#160;23 para.&#160;2 Wp&#220;G, with a non-binding English translation being made available on the Bidder&#8217;s website at https&#58;&#47;&#47;&#47;www.td-offer.com. Any information about such acquisitions or arrangements that is made public in Germany will be made publicly available in the United States.</font></div><div style="margin-bottom:10pt;text-align:justify"><font><br></font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:158%">7 November 2023</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Telef&#243;nica Local Services GmbH</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always">
<div id="i10b36f1f8cbf4157ae38555c782112bf_1"></div><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SIGNATURES</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </font></div><div style="margin-bottom:10pt;text-indent:18pt"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.362%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.019%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.407%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.798%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:20pt;padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">November 7, 2023</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; Pablo de Carvajal Gonz&#225;lez</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Name&#58;</font></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pablo de Carvajal Gonz&#225;lez</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Secretary to the Board of Directors</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:8pt;text-align:center"><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
