If you look at their website they only list 3 locations for Telefonica shares: Lima, Madrid and New York.
https://www.telefonica.com/en/web/shareholders-investors/share/stock-exchange-listings
It seems like their “german entity” is a separate holding.
Germany is definitely one of their main markets (with Spain, Brazil and the UK). From memory, the way they expanded into Germany is that they bought a german company, therefore I guess that they probably did not remove it from the market and have kept some of its german entity’s shares in the market.
If you look at Telefonica Deutschland’s shareholder structure you will see that 69% of its shares are indirectly held by Telefonica SA, see the graph and then footnote number 2.
https://www.telefonica.de/investor-relations-en/share/shareholder-structure.html
In summary:
- Its Madrid listing is the main company, encompassing primarily the 4 main areas (Spain, UK, Brazil and Germany) as well as some other areas of the business in South-America that it is in the processing of selling off to reduce debt even more.
- The german listing seems to be ONLY the german subsidiary with a “free float” of around 30% of the shares.