Telefonica SA (TEF) is offering to create a rival in Germany in an effort to win regulatory approval for its proposed takeover of E-Plus, the German unit of KPN Mobile NV (KPN.AE), the Financial Times reported Monday on its website, citing a confidential document outlining the proposal.

In part, Telefonica is offering to lease a small amount of higher-frequency spectrum to a competitor replacing E-Plus, as part of the company's opening proposal in negotiations with regulators.

Web site: www.ft.com

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