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Spain's Telefonica to sell 2 pct of own shares
March 25, 2013 / 5:36 PM / 5 years ago

Spain's Telefonica to sell 2 pct of own shares

MADRID, March 25 (Reuters) - Spain Telefonica said on Monday it had mandated Goldman Sachs to sell just under 2 percent of its capital, which it holds as treasury stock.

The telecoms group, which has been trying to reduce a big debt burden, said that the sale of just over 90 million shares to professional investors, representing 1.979 percent of its capital, constituted its entire portfolio of treasury stock.

The sale would be done via an accelerated bookbuild. Telefonica said the price of the sale had not yet been fixed. (Reporting by Sarah White, Editing by Clare Kane)

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