June 21, 2024

The State Reacquires 10% Stake in Telefónica Amidst Investor Tension over Saudi STC’s Purchase

1 min read
SEPI acquires Telefónica shares, becoming 3% of company ownership

The State has reacquired a 10% stake in Telefónica, just 26 years after it divested from the company. This move came as a response to Saudi STC’s recent purchase of 9.9% of Telefónica’s shares, causing tension among investors.

The State Society of Industrial Participations (SEPI) made the decision to acquire shares following the government’s directive, bringing their current stake from 3% to 10%. The acquisition cost around 700 million euros and was officially announced on Monday.

CaixaBank also reduced its stake in Telefónica at the same time from 3.51% to 2.51%. However, Criteria expects to increase its percentage through further acquisitions in the future.

The entry of Saudi STC into Telefónica’s capital raised questions about their intentions, as they remain silent on their plans for the company. Both Telefónica and STC have not provided any further information about the situation. The State’s resurgence as a shareholder aims to stabilize shares and ensure a strategic position in the company.

The ongoing developments surrounding ownership changes in Telefónica continue to unfold, with many factors remaining uncertain.

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