KPN shares gained 2.8%, or €0.063, to €2.32 in morning Amsterdam trade as Telefonica Deutschland rose 3.2%, or €0.162, to €5.236 in Frankfurt while Telefonica rose less than 1%, or €0.04, to €10.76.

UBS ( UBS) and Bank of America Merrill Lynch are acting as financial advisers to Telefonica Deutschland while CMS Hasche Sigle's Oliver Thurn, Martin Kolbinger, Martin Kuhn, Jens Neitzel, Daniel Hofmann, Christian Runte, Michael Bauer, Claudia Rid, Hildegard Ziemons, Stefan Hoss, Philipp Melzer, Stefan Luft, Rolf Leithaus, Richard Mitterhuber, Thomas Muhl, Petra Stockle and Tilman Weichert are providing counsel. Also acting as legal advisers to Telefonica Deutschland are a Milbank Tweed Hadley & McCloy LLP team led by Alexander Rinne.

KPN is taking legal advice from Allen & Overy's Jan Burggraaf and Hartmut Krause as well as Bird & Bird LLP's Sven-Erik Heun and Valerian Jenny.

Written by Andrew Bulkeley.

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