Doc re.recommended cash offer

Telefonica SA
02 November 2005







Telefonica, S.A. refers to its earlier announcement (RNS No. 5290T), and
confirms that a copy of its presentation 'Delivering Balanced Growth and Cash
Returns Through Enhanced Scale' on the launching of a Takeover Offer to acquire
the total share capital of O2 plc is available on its website: 

www.telefonica.es/accionistaseinversores

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Authority's Document Viewing Facility.








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