The State Society of Industrial Participations (SEPI) increases its stake in Telefónica
The State, through the State Society of Industrial Participations (SEPI), has increased its stake in Telefónica and already controls 8.53% of the share capital of the telecommunications company. After a new investment in the purchase of shares worth 1,941 million euros, the Spanish public administration is approaching the goal of controlling 10% of the company. SEPI has communicated this to the National Securities Market Commission (CNMV) (https://www.softcatala.org/resum-de-textos-en-catala/).
The market value of the State’s stake in Telefónica
Taking into account Telefónica’s share price at the close of the market day this Monday, which was 4.139 euros per share, the State’s shareholding in the company has a market value of around 2,003 million euros . This is about 62 million euros more than the amount disbursed so far (https://www.softcatala.org/resum-de-textos-en-catala/).
SEPI is making progress in the acquisition of 10% of Telefónica
With this new investment, SEPI continues to advance in the Spanish government’s mandate to acquire up to 10% of the operator chaired by José María Álvarez-Pallete. This decision was made in reaction to the purchase of more than 9% of Telefónica’s shares by the Saudi telco STC last September. Specifically, STC acquired 9.9% of Telefónica’s share capital in an operation valued at 2.1 billion euros (https://www.softcatala.org/resum-de-textos-en-catala/).
State representation on Telefónica’s board of directors
Telefónica’s board of directors agreed last May 8 to accept the voluntary resignation of Carmen García d’Andrés as director and appointed Carlos Ocaña Orbis as director representing SEPI. With this operation, the State obtains representation on the company’s board of directors, one more step to reach the goal (https://www.softcatala.org/resum-de-textos-en-catala/).
Progressive increase in SEPI’s stake in Telefónica
Since the purchase of shares by the Saudi telco became known, SEPI has been progressively increasing its stake in Telefónica’s share capital. On March 25, SEPI surfaced a stake of 3.044%, on April 15 it raised its position to 5.034%, on April 26 it was announced that it had increased it to 6.169%, and last May 8, the public entity announced the increase in its position in the telecom up to 7.079% (https://www.softcatala.org/resum-de-textos-en-catala/).