Telefonica Pursues Remaining CTC Shares

Spain’s Telefonica, which already owns a 96.75% stake in Chile’s CTC, is offering to buy the 31m shares it does not already own in the company and is extending its offer until January 6. Previously, the offer was set to expire December 31. Telefonica will pay CLP1,100 for each series A unit, of which there are about 28m, and CLP990 for each series B share, of which there is roughly 3m. Santander is advising Telefonica.