Deals
Telefonica Deutschland Rises in Europe’s Biggest 2012 IPO
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Telefonica Deutschland Holding AG, the German unit of Spain’s biggest phone company, climbed in its trading debut after completing Europe’s biggest initial public offering this year.
The shares rose 3.6 percent to 5.80 euros in Frankfurt, valuing the Munich-based carrier at 6.5 billion euros ($8.4 billion). The company sold 258.8 million shares at 5.60 euros each, at the top of a range that was narrowed twice and in the lower half of an initial range of 5.25 euros to 6.50 euros.