New Ownership Changes at Telefónica: How the Spanish Government Reacquired a Stake in the Company after Years of Divestment

SEPI acquires Telefónica shares, becoming 3% of company ownership

The government of Spain has recently reacquired a 10% stake in Telefónica, 26 years after divesting. This move was in response to the Saudi STC purchasing 9.9% of the company’s shares, causing tension between the two countries. The State Society of Industrial Participations (SEPI) made the decision to buy shares, following the government’s directive.

SEPI already holds a 3% stake in Telefónica and with this latest acquisition, their total stake will be 10%. The cost of acquiring these shares is estimated to be around 700 million euros.

The process of acquiring these shares has been ongoing for days and 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.

Telefónica confirmed that SEPI’s purchase aligns with the government’s goal of acquiring a 10% stake in the company. However, CaixaBank has remained silent about their reasons for reducing their position in Telefónica, while Saudi STC has not provided any information about their plans either.

The entry of Saudi STC into Telefónica’s capital has raised questions about their intentions and many factors remain uncertain as ownership changes continue to unfold within the company.

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