Telefónica is preparing to say goodbye to Wall Street after 40 years

MadridForty years later, Telefónica is preparing to say goodbye to the New York Stock Exchange. The company, chaired by Marc Murtra, has begun the process of delisting from Wall Street, as reported Wednesday afternoon by the Spanish National Securities Market Commission (CNMV). This move marks a historic turning point, considering that Telefónica was the first Spanish company to list in the United States, where it debuted in June 1987. The decision comes at a time when the company is undergoing a change of direction that, among other things, involves its definitive exit from Latin America. telecom It is divesting itself of almost all its subsidiaries across the Atlantic—; exploring new businesses and simplifying operations, as well as reducing costs. In this context, it is necessary to frame a workforce reduction plan (ERE) that will affect, at a minimum, more than 4,550 employees of the company and that the company and unions are finalizing negotiations.

"Telefónica does not plan to list, trade, and/or register its ADSs [the US stock system] on any other US stock exchange or listing system. ADS holders will have the option to exchange their ADSs for ordinary shares traded on the Spanish stock exchange," the company stated in a press release.

The company will submit the forms to delist from Wall Street "in the coming weeks" and expects the delisting from the New York Stock Exchange to take effect approximately 10 days after filing all the documentation. Furthermore, thetelecomIt also intends to initiate a procedure to voluntarily delist its shares from the Lima Stock Exchange (Peru).

Following delisting in the United States and cancellation of its registration, Telefónica's ordinary shares will continue to trade on the Spanish stock exchange, where most Telefónica investors currently trade the company's ordinary shares.telecom.