the Board of Directors of Telefonica SA (TDE.L,TEF) has decided, at its meeting held today, to waive the condition precedent established by said resolution, and consequently, proceed to carry out the corresponding share capital reduction, by means of the cancellation of 74.63 million shares of the Company's own stock, which represent, approximately, 1.5% of the Company's current share capital.
In the following days, the appropriate requirements for said execution will be carried out, and such execution will be announced through the corresponding significant event.
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