Spain's Telefonica preparing German, Latin America listings

MADRID May 30 (Reuters) - Spain's Telefonica said on Wednesday that it has started preparing to list its German unit, Telefonica Alemania, and was looking into a similar process for some of its Latin American businesses.

The company said these steps would accelerate its plan to shed non-strategic assets, adding it would increase its financial flexibility and help it reach a lower debt ratio in 2012.

Telefonica said would be paying out 1.50 euros per share to shareholders for 2012, through a 1.30 euro dividend and the rest made up with share buybacks. (Reporting by Sarah White; Editing by Fiona Ortiz)