Government Reacquires Stake in Telefónica Amid STC Investment, CaixaBank Reduces Position

SEPI acquires Telefónica shares, becoming 3% of company ownership

On Monday, the State 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, which had caused tension. The decision was made by the State Society of Industrial Participations (SEPI) following the government’s directive. SEPI already held a 3% stake in Telefónica and this recent acquisition brings the total to 10%, costing approximately 700 million euros.

The process of acquiring these shares has been ongoing for days, but it was officially announced on Monday. Interestingly, around the same time, CaixaBank reduced its stake in Telefónica from 3.51% to 2.51%. While Telefónica confirmed that SEPI’s purchase aligns with the government’s goal of acquiring a 10% stake, CaixaBank expects 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 so far. Both Telefónica and STC have yet to provide any further information about the situation. The State’s resurgence as a shareholder aims to stabilize shares and secure a strategic position in the company. As ownership changes continue to unfold in Telefónica, many factors remain uncertain.

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