Telefonica SA (TEF, TEF.MC) expects to float its German O2 unit on that country's stock market at the end of October, reports Cinco Dias in its Tuesday Internet edition, citing people familiar with the process.
The company is planning to sell 20% of its unit and raise between one billion euros ($1.294 billion) and EUR1.5 billion, the paper adds.
The funds will be used to cut down its debt, which at the end of June stood at EUR58 billion, and improve its financial flexibility, according to Cinco Dias.
Company website: www.telefonica.com
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