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Spain's Telefonica cuts dividend to speed up debt reduction

Reuters - UK Focus

MADRID, Oct (Shenzhen: 000069.SZ - news) 27 (Reuters) - Spanish telecoms group Telefonica (LSE: 826858.L - news) , under pressure to cut its debt after the sale of its British business O2 was blocked by regulators, said on Thursday it was cutting its dividend for this year and next.

Telefonica, which had previously said it was sticking to plans to pay a 0.75 euro per share dividend for 2016, said it would cut the dividend to 0.55 euros per share for 2016 and to 0.40 euros per share against 2017 earnings.

It said the dividend cuts were aimed at accelerating its debt reduction plan.

Telefonica reported third-quarter revenues of 13.08 billion euros ($14.27 billion), slightly ahead of an average forecast of 13.07 billion euros in a Reuters poll of analysts, while core earnings (EBITDA) were 4.2 billion euros, higher than the 4.07 billion euros forecast. ($1 = 0.9168 euros) (Reporting by Adrian Croft, Editing by Sarah White)