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

The Saudi STC has announced its acquisition of 9.9% of Telefónica’s capital, prompting the Spanish government to become a shareholder once again. In response, the State Society of Industrial Participations (SEPI) purchased an additional 10% of the company’s shares, bringing its total ownership to 13%. CaixaBank, another major shareholder, reduced its stake in Telefónica from 3.510% to 2.510%, but this decision was made independently of the State’s acquisitions.

Telefónica expressed confidence in its strategic plan and commitment to providing exceptional service to customers, while CaixaBank communicated its reduction in stake as part of its investment strategy. However, the move did not significantly impact the bank’s financial position. Meanwhile, Criteria, the investment arm of La Caixa Banking Foundation, continued to increase its position in Telefónica through recent acquisitions.

Discussions have taken place regarding Saudi STC’s proposed entry into Telefónica’s board of directors, but the company remains focused on delivering value to shareholders and customers amidst evolving shareholder dynamics. The State solidifies its position in Telefónica as it works towards achieving long-term strategic goals amidst changes in ownership dynamics.

By Aiden Johnson

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