Telefonica plans to group its Latin American operations into a Spanish holding company to list in New York in 2013, Spanish newspaper Expansion reports, without citing sources. Provided Telefonica needs to raise more cash in 2013, it plans to float a minority stake in a newly-created holding company for its Latin American assets. Telefonica would create a Spanish holding company for fiscal reasons including lower corporate tax. The company would not carry out the IPO before the first half of next year.
The Latin America initial public offering process is ongoing, and no decision has been taken, Reuters reports, citing a Telefonica spokesman.
Telefonica earlier said a Latin American listing was an option. "No decision has been taken on such a transaction but we are working on preparations in case we decide to move ahead with it," CFO Angel Vila previously said.
Additionally, Telefonica Latin American CEO Santiago Fernandez Valbuena said he did not believe in listing individual countries separately.
