A New Chapter in Telefónica’s Ownership Saga: The State Reacquires Stake as Saudi STC Causes Tension

By Eleanor Harrison Mar25,2024
SEPI acquires Telefónica shares, becoming 3% of company ownership

On Monday, the State reacquired a 10% stake in Telefónica 26 years after divesting. The move was prompted by the recent acquisition of 9.9% of Telefónica’s shares by Saudi STC, which caused tension. The order to buy shares came from the State Society of Industrial Participations (SEPI), following the government’s decision.

The process of acquiring the shares has been ongoing for days, and coincidentally, CaixaBank reduced its stake in Telefónica from 3.51% to 2.51% around the same time. However, Criteria expects to increase its percentage through further acquisitions. Telefónica confirmed that SEPI’s purchase aligns with the government’s goal of acquiring a 10% stake.

The entry of Saudi STC into Telefónica’s capital raised questions about their intentions, as they continue to remain silent on their plans. Both Telefónica and STC have not provided any further information about the situation. The State’s resurgence as a shareholder aims to stabilize shares and ensure a strategic position in the company.

The ongoing developments surrounding ownership changes in Telefónica continue to unfold, with many factors remaining uncertain.

By Eleanor Harrison

As a content writer at newseasoning.com, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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