Telephone fell more than 4% in Stock exchange after announcing that he will give up to bring to market its subsidiary telecommunications infrastructure Telxius.
The operator believes that the deals for purchase of shares received undervalues its subsidiary.
The shares of Telefónica gave more than a 4.5% one hour after the start of the session of the Madrid Stock exchange, where it accumulate a few weekly losses of 6.02% and 8,67% so far this year, according to market data collected by Efe.
The Spanish company on Thursday announced the termination of the listing of the subsidiary of infrastructure.
Sources of Telxius stated that the valuation of the company obtained in the period of prospecting demand "does not reflect the real value of Telxius, its strong position in the markets in which it operates, and its potential for growth and profitability".
Telefónica announced to the National Commission of the stock Market (CNMV) that it continues to "analyzing strategic alternatives in relation to the asset".
The analysts of Bankinter Broker highlighted in a report that it is "bad news for the value," and explained that with this operation the company sought to reduce its debt, which would decrease the pressure on your credit rating and also would lead to doubts about its policy of shareholder remuneration.
"This news puts in evidence the difficulty to sell assets of the operator and reopens the uncertainty about all these matters", the experts in the report.
The analysts of Banco Sabadell agree that this is a "bad news", which delays the reduction of debt and could further increase the uncertainties on the financial situation of the company .
despite this, since the Bank Babadell point out that the company still has "sufficient alternatives" to reduce debt, in reference to the sale of its uk subsidiary O2 and minority interests.
in Addition, experts are forecasting an improvement in results for the second half of this year, mainly in what refers to the cash generated, which could have a positive impact in action.
The ipo of Telxius was one of the alternatives I was working for Telefónica to reduce its hefty debt, more than 52,000 million euros, after the sale frustrated of O2.
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