KPN swaps German shares for stake in Telefonica

(Telecompaper) Telefónica has signed a swap agreement with KPN, under which KPN will trade 178 million of its shares in Telefónica Deutschland for 72 million treasury shares in Telefónica . The treasury shares represent 1.43 percent of Telefónica's share capital, while the shares in Telefónica Deutschland represent 6 percent of its share capital. The exchange ratio was determined by the volume weighted average price of the respective shares during the last 5 tr