Spanish telecom group Telefonica to drop Paris, Frankfurt listings

0 Comments | AFP, December, 2007

MADRID (AFP) — Spanish telecommunications group Telefonica plans to drop its stock market listings in Paris and Frankfurt, a source close to the company said Monday.

The source said Telefonica feels that the volumes traded in the two markets are too small to make it worthwhile.

No date was given for an end to the two listings but the source said it would be soon.

Typically, some 20,000 Telefonica shares are traded in Paris in a day, compared with 20 million in Madrid.

Telefonica is the biggest company listed in Madrid, with a market capitalisation of some 107 billion euros (154 billion dollars).

Its shares are also traded on the markets in London, New York, Tokyo, Buenos Aires, Lima and Sao Paulo.

© 2007 AFP