SEPI acquires Telefónica shares, becoming 3% of company ownership

Spain Reacquires Stake in Telefónica Amidst Tension over Saudi Investment

The Spanish government has recently reacquired a 10% stake in Telefónica, 26 years after divesting. This move came in response to the Saudi STC’s purchase of 9.9% of the company’s shares, causing tension. The decision to buy shares was made by the State Society of Industrial Participations (SEPI), following the government’s directive. SEPI already holds a 3% stake in Telefónica and this latest acquisition brings the total to 10%, at a cost of around 700 million euros.

The process of acquiring shares has been ongoing for several days, but it was officially announced on Monday. At the same time, CaixaBank reduced its stake in Telefónica from 3.51% to 2.51%. Despite this reduction, Criteria expects to increase its percentage through further acquisitions.

The entry of Saudi STC into Telefónica’s capital raised questions about their intentions, as they continue to remain silent on their plans. Both Telefónica and STC have not provided any further information about the situation. However, 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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