Telefonica (Spain) acquires Companía de Telecomunicaciones de Chile

Telefonica, S.A. Successfully Completes Tender Offers for Shares and ADSs of Compania de Telecomunicaciones de Chile S.A.
Telefonica, S.A. ("Telefonica"), the international telecommunications group, today announced the preliminary results of its tender offers for the outstanding Series A and Series B Shares of common stock and American Depositary Shares ("ADSs") of Chilean telecommunications provider Compania de Telecomunicaciones de Chile S.A. (the "Company") not already owned by Telefonica and its affiliates.
Based on preliminary information, a total of 7,669,435 Shares have been tendered pursuant to the tender offer in Chile and a total of 805,894 ADSs (including 3,900 ADSs subject to guarantees of delivery) have been tendered pursuant to the tender offer in the United States, which, together with the Shares tendered pursuant to the tender offer in Chile, represent an aggregate of 10,893,011 Shares.
All Shares and ADSs tendered in the tender offers will be accepted for payment on January 13, 2009, in accordance with Chilean practice.
Prior to the completion of the tender offers, Telefonica and its affiliates owned approximately 96.75% (926,028,064 of the outstanding Shares of the Company), directly or in the form of ADSs. Based on preliminary results, upon purchase of the Shares and ADSs (including ADSs subject to guarantees of delivery) pursuant to the tender offers, Telefonica and its affiliates' ownership in the Company will increase to 936,921,075 Shares (including those represented by ADSs) or approximately 97.9% of the total outstanding Shares, which will leave 20,236,010 Shares (including those represented by 2,200,593 ADSs) held by parties other than Telefonica and its affiliates.