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Telefonica To Pay Scrip Dividend, Cancel Own Shares : WSJ

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Spain's biggest telecom company Telefonica SA (TEF: Quote,TDE.L) has proposed to pay a scrip dividend and cancel its treasury stock, while the proposal would be submitted for shareholder approval in mid-May, according to the Wall Street Journal.

Also a Telefonica spokesman noted that the cancellation of the treasury stock "will roughly offset" the dilutive effect of issuing new shares for the dividend. Telefonica owns nearly 1.9% of its shares.

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