Saudi STC’s Acquisition of Telefónica Shares: The Return of State Participation in the Company

SEPI acquires Telefónica shares, becoming 3% of company ownership

In response to the Saudi STC’s purchase of 9.9% of Telefónica shares, the State has reacquired a 10% stake in the company after 26 years of divestment. The decision was made by the State Society of Industrial Participations (SEPI) following the government’s mandate. SEPI already holds a 3% stake in Telefónica and this recent acquisition will bring their total to 10%, costing approximately 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%. However, Criteria expects to increase its percentage through further acquisitions.

Telefónica confirmed that SEPI’s purchase is aligned with the government’s goal of acquiring a 10% stake in the company. While CaixaBank has decreased its position, Criteria plans to increase its percentage through further acquisitions. The entry of Saudi STC into Telefónica’s capital raised questions about their intentions, as they have remained silent on their plans both companies 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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