Telefónica rises 0.5%, with its shares at 4 euros, after the Government acquired 3% of its capital

MADRID, 26 Mar.

Telefónica rises 0.5%, with its shares at 4 euros, after the Government acquired 3% of its capital


Telefónica shares rose almost 0.5% on the stock market this Tuesday at around 9:08 a.m., after the Government acquired 3% of its share capital through the State Society of Industrial Participations (SEPI).

Thus, Telefónica woke up with a rise of 0.48%, until exchanging its shares at a price of 4.009 euros per share.

Specifically, SEPI - dependent on the Ministry of Finance - yesterday, after the market closed, informed the National Securities Market Commission (CNMV) of the acquisition of a Telefónica shareholding package equivalent to 3% of the company's share capital. .

"In compliance with the agreement of the Council of Ministers last December, which orders SEPI to purchase shares up to a maximum of 10% of the company's share capital, the State Company has reached 3%, communicating the acquisition of significant stakes upon reaching the threshold provided for by the regulations on the matter," the organization detailed in a statement.

In that sense, the Government's mandate to the SEPI to enter the share capital of Telefónica came as a reaction to the surprising landing of the Saudi operator STC - controlled by the country's sovereign fund, PIF (Public Investment Fund) - in the shareholding of the operator chaired by José María Álvarez-Pallete last September.

Specifically, STC acquired 9.9% of Telefónica's share capital, 4.9% through direct shares and the other 5% through financial derivatives, in an operation valued at 2.1 billion euros.

"The entry of SEPI, a shareholder with a vocation for permanence, will allow Telefónica to provide greater shareholder stability to achieve its objectives, contributing to the safeguarding of the strategic capabilities of a company strategic for national interests due to its leadership in the telecommunications and its industrial capabilities, determinants in areas such as security and defense," added the SEPI statement.

The announcement by the SEPI that it has already reached 3% of Telefónica's share capital occurred a few minutes after Caixabank announced the partial liquidation of a hedge on its participation in the Spanish operator, which is why its weight in the company fell by one percentage point, to 2.51%.

However, SEPI sources consulted by Europa Press have assured that both announcements are not related. At the moment, the SEPI has not given more details about how it reached 3% of Telefónica.

"The purchase of a share package by SEPI is confirmation of the announcement made on December 19 in a relevant fact sent to the CNMV. We do not have more information about it. In any case, the interest in Telefónica shows that it is a leading, strategic and attractive company, not only in the field of telecommunications, but also in the development of the entire new digital era, both in Spain and internationally," Telefónica sources have told Europa Press.

"At Telefónica we will continue to focus on the execution of the 2023-2026 Strategic Plan to continue creating value for shareholders and provide the best service to customers," they added.