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

During a recent press conference, Government spokesperson Pilar Alegra announced that the Executive hopes the State Society of Industrial Participations (Sepi) will acquire 10% of Telefónica as quickly as possible. This announcement came after Sepi revealed that it currently holds 3% of the telecommunications company’s shares. Alegra emphasized the importance of completing the operation swiftly without negatively impacting the share price.

However, Alegra’s 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%. The 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.

The unexpected turn of events has caused uncertainty about the future of Telefónica’s shares and the overall cost of the acquisition for the government. In addition, Sepi is not required to notify new purchases until it reaches 5% ownership of the company, which adds another layer of complexity to this situation. Stakeholders and investors are closely monitoring this development and its potential impact on

By Aiden Johnson

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