Government spokesman Pilar Allegra announced during a press conference that the executive branch hopes to acquire 10% of Telefonica as soon as possible. This comes after Sepi, the State Association of Industrial Participations, announced that it currently holds a 3% stake in the telecom company. However, Allegra’s comments had an unexpected effect as Telefonica’s shares started to rise after her statements.

By 4:30 p.m., the shares had reached €4.08, an increase of 2.26%. The rush to complete the operation could result in a higher final bill for the government, as it will have to pay an additional 1,600 million euros to reach the desired 10% ownership of the operator. This unexpected reversal has led to uncertainty about the future of Telefonica’s shares and the total cost of the acquisition to the government.

Sepi is not required to notify new purchases until it reaches 5% ownership of the company, which has added further complexity to the situation. Stakeholders and investors are closely monitoring the situation and its potential impact on the telecommunications market. Despite this uncertainty, Allegra emphasized that a quick completion of the operation without a negative impact on share prices is crucial for both parties involved.

In conclusion, Pilar Allegra’s announcement regarding government’s plans to acquire more shares in Telefonica has had an unexpected effect on share price rise. While this may be good news for some stakeholders and investors, it has also created uncertainty about future ownership changes and increased costs for government acquisition efforts. The situation remains closely monitored by industry experts and market analysts alike as they wait for further developments in this unfolding drama within Spain’s telecommunications sector.

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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