Telefonica Deutschland cuts dividend as it prioritises network investments

BERLIN, Dec 11 (Reuters) - Telefonica Deutschland, one of Germany's three main mobile operators, said it would cut its dividend as it prioritises investing in upgrading its network over the next three years.

The unit of Spain's Telefonica said it would propose a dividend of 0.17 euros ($0.19), down from 0.27 euros last year, following similar dividend cuts by competitors Deutsche Telekom and Vodafone.

This would become a new floor over the next three years, during which it expects minimum cumulative revenue growth of 5%, while the ratio of capital investment to sales will peak at 17-18% before normalising, Telefonica said in a statement.

The company, which will give a strategy presentation in London later, reiterated its 2019 earnings guidance. ($1 = 0.9073 euros) (Reporting by Douglas Busvine Editing by Tassilo Hummel)