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SEPI initiates purchase of Telefónica and acquires 3% of teleco’s capital | Companies

The Saudi STC’s recent acquisition of 9.9% of Telefónica’s capital has led the State of Spain to become a shareholder in the company once again, 26 years after its previous ownership. In response to the acquisition, the government instructed the State Society of Industrial Participations (SEPI) to purchase an additional 10% of Telefónica’s capital. The SEPI already holds 3% of the company and is required to disclose its ownership once it exceeds that threshold.

The State’s interest in Telefónica is part of a strategy announced last year to acquire a 10% stake in the company. CaixaBank, a major shareholder, reduced its stake in Telefónica from 3.510% to 2.510% through the sale of financial coverage. This decision was made independently of the State’s acquisitions, and SEPI clarified that its purchases were initiated to comply with the government’s directive to acquire up to 10% of Telefónica’s shares.

Telefónica expressed confidence in its strategic plan and commitment to providing exceptional service to its customers, while CaixaBank communicated its reduction in stake as part of its investment strategy. While these developments unfolded, Criteria, the investment arm of La Caixa Banking Foundation, continued to increase its position in Telefónica through recent acquisitions. Meanwhile, discussions have taken place regarding Saudi STC’s proposed entry into Telefónica’s board of directors.

As Spain solidifies its position in Telefónica amidst evolving shareholder dynamics, the company remains focused on delivering value to its shareholders and customers. Despite ongoing changes in ownership, Telefónica remains dedicated to long-term strategic goals that will ensure its success in a rapidly changing telecom industry.

By Samantha Jones

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