Doc re.recommended cash offer

Telefonica SA
02 November 2005



Telefonica has submitted to the UK Listing Authority two copies of the
presentation 'Delivering Balanced Growth and Cash Returns Through Enhanced 
Scale' on the launching of a Takeover Offer to acquire the total share capital
of the UK company O2, plc.

This document will shortly be available for inspection at the UK Listing
Authority's Document Viewing Facility, which is situated at:


Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5 HS


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