The State Society of Industrial Participations (SEPI) continues to take positions to ensure the 10% of Telefónica’s share capital and exceed the 9.9% that the Saudi group intends to achieve STC. To achieve this objective, it has informed the National Securities Market Commission (CNMV) that it already has the 6.169% of the operator’s share capital, after an investment of around 1,400 million euros. With this advance, the Spanish public company reinforces its role as first shareholder of the teleco. Before this latest move, SEPI had 5.034% of Telefónica’s share capital, although on March 25 an initial stake of 3.044% emerged.
In the statement sent to the Spanish supervisor, the SEPI points out that “in the course of the operation to acquire shares of the Telefónica company, which SEPI is carrying out in execution of the agreement of the Council of Ministers of December 19, 2023, On April 24, 2024, this entity has exceeded the threshold of 6% of share capital of said company.”
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The Spanish public company has communicated this information volunteer to avoid the “asymmetry” in the information disseminated about Telefónica as a consequence of the different regulations applicable in Spain and other countries in this regard.
He has also informed the United States Securities and Exchange Commission that its participation in the teleco amounts to 6.169%, with a total of 354,750,278 shares. It indicates that the half price that the State has paid for each action of Telefónica is 3.9378 eurosso the State’s investment in the Spanish company is already close to 1.4 billion of euros.
Taking into account Telefónica’s price at the close of trading this Thursday, 4.15 euros, the State’s shareholding in the company has a market value of some 1,472 million eurosthat is, some 75 million of euros further than the amount disbursed so far.
The news that SEPI would buy up to 10% of Telefónica’s capital was known in November, three months after the Saudi group STC entered into the shareholding of the Spanish operator through the acquisition of a 9.9% share for 2.1 billion euros, 4.9% in shares and 5% in derivative financial products, which will be executed to convert into shares once the necessary authorities are obtained. And the acquisition of this participation requires the approval from the Ministry of Defense Spanish for the condition of the teleco strategic company for the country.
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SEPI’s objective in participating in Telefónica is to give it “greater shareholding stability so that the company achieves its objectives and, therefore, will contribute to the safeguarding of its strategic capabilities,” said the public company.
To strengthen the presence of the State in telecom, the Government will request a seat on the board of directors, although the 6.169% stake they currently hold is not, in theory, sufficient for this, given that the threshold is 6.66%. However, other shareholders with a smaller stake, such as CriteriaCaixa, have representation on the operator’s highest body.
