Telefonica approves sale of bonds exchangeable into Telecom Italia shares Telefonica (TEF) announced it has approved an issue of mandatory exchangeable bonds exchangeable into ordinary shares of Telecom Italia S.p.A. (TI) for an estimated nominal amount of EUR750M and maturing in three years.
Telefonica to take $3.2B hit for early retirement plan, Bloomberg says Telefonica plans to offer employees early retirement in a plan that will cost $3.2B upfront while saving money over the long-term in an effort to reduce debt, Bloomberg reports. The Spanish telephone company will open the plan right away to certain employees and will report the $3.2B charge as part of its Q4 results next month, the report says, citing a regulatory filing. The move is expected to save an average of EUR370M annually beginning in the second year of the plan, the report says. Reference Link