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Hogan Lovells advises Citigroup on share dividend of Deutsche Telekom AG

05 July 2017

Press Contact

Peter Herkenhoff

Corporate Communications Manager Germany
Dusseldorf
+49 211 13 68 469

Led by Frankfurt-based Partner Michael Schlitt Hogan Lovells has, for the fifth consecutive year since 2013, advised Citigroup on the payment of a share dividend and a rights issue in connection thereto by Deutsche Telekom AG.

In 2017, the option of receiving the dividend in the form of shares proved again very popular among the shareholders of Deutsche Telekom AG. The acceptance rate amounted to approximately 49 percent. With a subscription ratio of 26.8:1, this resulted in the issuance of almost 85 million new shares and a reduction in cash outflow of approximately 1.4 billion. The new shares have already been admitted to trading. 

Citigroup acted as subscription and settlement agent. Hogan Lovells advised Citigroup on all issues concerning the structuring and execution of the transaction.

Hogan Lovells team for Citigroup

Prof. Dr. Michael Schlitt (Partner), Nona Naydenova (Business Lawyer (uni.)), Christian Schröder (all Corporate/Capital Markets, Frankfurt);

John Basnage (Partner, US Law, London).

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