Telefónica has started the procedure to stop trading on the New York Stock Exchangea stock market where it landed almost 40 years ago, on June 12, 1987, when it became the first Spanish company to be listed on Wall Street.
«Telefónica announces today its intention to initiate the procedure to voluntarily exclude the listing of its ‘American Depositary Shares’, each one representing one ordinary share of Telefónica, represented by American Depositary Receipts (ADR), from the New York Stock Exchange,» the teleco says in a statement sent to the National Securities Market Commission (CNMV).
«Telefónica has not contemplated the listing, negotiation and/or registration of the ADSs on another US stock market or quotation medium. Holders of ADSs will have the option to exchange their ADSs for ordinary shares traded on the Spanish Stock Exchanges. Furthermore, Telefónica intends to convert its current ADR Program into a Level I ADR Program, which will allow current ADS holders to continue holding them and will facilitate their trading in the American over-the-counter market,» he added.
In this way, the company confirms the possibility that had been pointed out on November 4, during the presentation of the company’s new strategic plan, by the then director of finance of Telefónica, Laura Abasolo, who this Wednesday was replaced by Juan Azcue in the position.