FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of June, 2010
Commission File Number: 001-09531
Telefónica, S.A.
(Translation of registrants name into English)
Distrito C, Ronda de la Comunicación s/n,
28050 Madrid, Spain
3491-482 85 48
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934:
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): N/A
RAMIRO SÁNCHEZ DE LERÍN GARCÍA-OVIES
General Secretary and
Secretary to the Board of Directors
TELEFÓNICA, S.A.
TELEFÓNICA, S.A. (TELEFÓNICA), as provided in article 82 of the Spanish Securities Market Act
(Ley del Mercado de Valores), hereby reports the following
SIGNIFICANT EVENT
After the Extraordinary General Shareholders Meeting of the Portuguese company Portugal Telecom,
SGPS, S.A. held in Lisbon today, Telefónica informs that a majority of the votes issued in the
aforementioned General Shareholders Meeting were in favour of the approval of the offer submitted
by Telefónica for the acquisition of the Portugal Telecom, SGPS, S.A.s stake in Brasilcel, N.V.,
with 73.9% of the submitted votes in favour, and 26.1% of the total votes against it. The
attendance quorum was 68.7% of the share capital of the company. Nevertheless, the agreement was
vetoed by the Portuguese Government, invoking their rights under the so-called Golden Share.
Telefónica believes that the veto under the Golden Share is illegal, as it infringes, in addition
to Portuguese law, European Union Law, in particular, among others, Article 56 of the European
Union Treaty. The Board of Directors of Portugal Telecom SGPS SA has also stated at the General
Shareholders Meeting, the illegality of the use of the Golden Share by the Portuguese
Government.
Regarding the last paragraph of the letter sent to Portugal Telecom, SGPS, SA on June 29, 2010,
Telefónica extends the period granted to such company to communicate its acceptance of the offer
until July 16, 2010, at 23:59h (Lisbon time), as provided for in such last paragraph.
Madrid, June 30, 2010.