The Spanish government has become a shareholder of Telefonica for the second time in 26 years, after Saudi STC announced its purchase of 9.9% of the company’s equity. In response, the State Society for Industrial Participation (SEPI) was instructed to buy an additional 10% of Telefonica shares. The recent acquisition represents an investment of around 700 million euros towards reaching a 10% ownership stake.

The state’s interest in Telefonica is part of its strategy announced last year to acquire a 10% stake in the company. Despite ongoing purchases over several days, the announcement was only made recently. CaikaBank, the main shareholder, reduced its stake in Telefonica from 3,510% to 2,510% by selling financial coverage. This decision was made independently of the acquisition by the state. SEPI clarified that its purchase was initiated in accordance with the government’s directive to acquire up to 10% of Telefonica shares.

Telefonica expressed confidence in its strategic plan and commitment to providing exceptional service to its customers, while CaikaBank announced its stake reduction as part of its investment strategy. Meanwhile, Criteria, the investment arm of La Caixa Banking Foundation, has continued to increase its position in Telefonica through recent acquisitions. As these events unfolded, discussions were held about Saudi STC’s proposed entry into Telefonica’s board of directors. However, no official announcement has been made yet regarding this matter.

Despite months of silence from Saudi telecom company and ongoing changes in ownership structure at Telefonica remain uncertain about their intentions after acquiring shares; however they are committed towards delivering value to their shareholders and customers amidst this development phase.

By Samantha Johnson

As a dedicated content writer at newspuk.com, I immerse myself in the art of storytelling through words. With a keen eye for detail and a passion for crafting engaging narratives, I strive to captivate our audience with each piece I create. Whether I'm covering breaking news, delving into feature articles, or exploring thought-provoking editorials, my goal remains constant: to inform, entertain, and inspire through the power of writing. Join me on this journalistic journey as we navigate through the ever-evolving media landscape together.

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