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Government aims to quickly reach 10% stake in Telefónica as share price hits May highs

The Government spokesperson, Pilar Alegra, made a statement at a press conference expressing the Executive’s hope that the State Society of Industrial Participations (Sepi) would acquire 10% of Telefónica as soon as possible. This came after Sepi announced that it currently held 3% of the telecommunications company’s shares.

Alegra emphasized the importance of completing the operation swiftly without negatively impacting the share price. However, her comments had an unexpected effect as Telefónica’s shares began to rise following her statements. By 4:30 p.m., the shares had reached 4.08 euros, a significant increase of 2.26%.

This rush to complete the operation could result in a higher final bill for the government, as it will need to disburse an additional 1,600 million euros to reach the desired 10% ownership of the operator. Sepi is not required to notify new purchases until it reaches 5% ownership of the company, which has caused uncertainty about the future of Telefónica’s shares and the overall cost of the acquisition for the government.

Stakeholders and investors are closely monitoring the situation and its potential impact on the telecommunications market. The unexpected turn of events has raised questions about how this acquisition will affect Telefónica’s operations and its ability to compete in

By Samantha Jones

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