Telefónica, the Spanish telecommunications group currently bidding for mobile operator O2, has lost €4.9bn ($5.7bn) on Endemol, the Netherlands television producer, which started trading on Euronext Amsterdam this morning.

Shares were priced at €9 this morning by bookrunners Merrill Lynch, ABN Amro and Credit Suisse First Boston, 30% less than the top of an indicative range.