The Spanish government increases its stake in Telefónica
The Spanish government has increased its stake in the telecommunications operator Telefónica. Through the State Society of Industrial Participations (SEPI), the government now controls more than 9% of the company’s share capital. This acquisition comes close to the mandate that the government gave SEPI to acquire up to 10% of the Spanish operator (https://www.softcatala.org/resum-de-textos-en-catala/).
Details of government participation
According to the information provided by SEPI to the United States Securities and Exchange Commission (SEC), the public entity’s stake in Telefónica is 9.038%, with a total of 512,467,150 shares. The average price that the State has paid for each share is 4.0177 euros, with a total investment of almost 2,059 million euros (https://www.softcatala.org/resum-de-textos-en-catala /).
Implications and market value
With this acquisition, the Spanish government is approaching its goal of having a 10% stake in Telefónica. In addition, the market value of the State’s shareholding package is around 2,127.7 million euros, approximately 62.7 million euros more than the amount disbursed so far. This investment reflects the government’s confidence in the Spanish operator.
Presence in the board of directors
With its stake in Telefónica, SEPI has the right to claim its presence on the company’s board of directors. Recently, the body has appointed Carlos Ocaña Orbis as councilor representing SEPI. In addition, the Spanish government is considering the possibility of appointing a second councilor representing SEPI when it achieves its goal of a 10% stake in the operator (https://www.softcatala.org/resum-de-textos -in Catalan/).
conclusion
With the acquisition of a stake in Telefónica, the Spanish government demonstrates its commitment to the telecommunications sector and the importance of the company in the Spanish economy. This investment has significant implications for the operator and its future development.
