Spanish incumbent Telefonica plans to complete a 3-for-1 ADR stock split by the end of this month to increase liquidity, TelecomFinance has learned.
The company currently holds around 55 million ADRs on the New York stock exchange at about US$68 each. A…
Spanish incumbent Telefonica plans to complete a 3-for-1 ADR stock split by the end of this month to increase liquidity, TelecomFinance has learned.
The company currently holds around 55 million ADRs on the New York stock exchange at about US$68 each. A source close to Telefonica explained that it will have 165 million ADRs following the move, worth approximately US$22.7 each.
The move will also bring Telefonica’s share price in dollars much closer to the company’s share price in euros on the Madrid stock exchange, which closed at E17.37 yesterday.
Telefonica declined to comment.
