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femelle 20 precio venezuela In keeping with the approach that Telefonica has taken in managing its leverage profile through the eurozone crisis, the proposed transaction is structured conservatively. The combination of the equity component of the acquisition and the stronger cash flow of the enlarged German business is expected to offset any leveraging effect of the cash / debt component of the deal. Near term leverage metrics in Fitch's rating case remain largely unchanged, while cash flow generation and synergy benefits offer leverage upside further out.
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