Spain Regains 10% Stake in Telefónica Amid Saudi Investment Controversy: Government Responds to STC Purchase with Acquisition and Uncertain Ownership Changes Continue

SEPI acquires Telefónica shares, becoming 3% of company ownership

26 years after divesting, the State has reacquired a 10% stake in Telefónica. This move came as a response to the Saudi STC purchasing 9.9% of the company’s shares, causing tension. The order to buy shares came from the State Society of Industrial Participations (SEPI) following the government’s decision. SEPI already holds a 3% stake in Telefónica, and the recent acquisition will bring the total to 10%, costing around 700 million euros.

The process of acquiring the shares has been ongoing for days, but it was officially announced on Monday. Coincidentally, CaixaBank reduced its stake in Telefónica from 3.51% to 2.51% around the same time. Telefónica confirmed that SEPI’s purchase aligns with the government’s goal of acquiring a 10% stake. While CaixaBank has reduced its position, Criteria expects to increase its percentage through further acquisitions.

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

Leave a Reply