UPDATE 2-Telefonica moves ahead with O2 Germany IPO

MADRID/FRANKFURT, Oct 3 (Reuters) - Telefonica
started the sale of up to 20 percent of its O2-branded German
subsidiary on Wednesday, with the company set to raise up to 1.5
billion euros ($2 billion) from the initial public share offer
which is now expected to go ahead later this month to help cut
the Spanish group's huge debts.

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