On Monday, the State announced that it had reacquired a 10% stake in Telefónica, 26 years after divesting. This move came in response to the Saudi STC purchasing 9.9% of the company’s shares, which caused tension. The order to buy shares came from the State Society of Industrial Participations (SEPI), following the government’s decision.
Prior to this acquisition, SEPI already held a 3% stake in Telefónica, and with the recent purchase, it will now bring its total ownership to 10%. The cost of this acquisition was around 700 million euros.
The process of acquiring these shares has been ongoing for days, but it was officially announced on Monday. Around 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 aligns with the government’s goal of acquiring a 10% stake. Despite this development, CaixaBank has reduced its position in Telefónica while 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 continue to remain silent on their plans. Both companies have not provided any further information about the situation at this time. The State’s resurgence as a shareholder aims to stabilize shares and ensure a strategic position in the company as ownership changes continue to unfold in Telefónica with many factors remaining uncertain.
In conclusion, the State has reacquired a significant stake in Telefónica after being absent for over two decades due to Saudi STC’s acquisition of shares causing tension between them and other shareholders like CaixaBank and Criteria who have also made changes regarding their stakes in the company while still keeping mum about their intentions for now as uncertainty remains regarding what is next for ownership changes within Telefónica.
