Deutsche Telekom rights issue

Overview:

• Deutsche Telekom undertook a rights offering, issuing more than 70 million new shares worth €1.1 billion as an alternative to an annual dividend payment.
• The transcation increased the companiy's issued capital by 1.5%.
• It was the fourth consecutive year the German telecoms business has used this structure as an alternative to dividend payments.  
• Citigroup acted subscription and settlement agent on all four transactions, 

Ben Naylor - Regional editor