Sepi already holds 3% of Telefónica, while Caixabank reduces it to 2.51%


The State Company of Industrial Participations (SEPI) has entered Telefónica’s capital with 3% and “with the vocation of durability” after acquiring shares worth around 700 million euros, the public company announced today. Today it was also announced that Caixabank has reduced its stake in the Spanish multinational from 3.51% to 2.51%, while Criteria, Caixabank’s largest shareholder, holds 2.56%.

With this takeover, the multinational group has public capital again for the first time since its privatization in 1997.

This Monday, Telefónica notified the National Securities Market Commission (CNMV) of the purchase by SEPI of 3.044% of the operator’s shares, a total of 176.04 million titles, which today would have a price of 698.4 million euros. Telefónica shares closed this Monday at 3.99 euros.

Securing strategic capabilities

However, SEPI has stated that this entry will allow Telefónica to offer shareholders more stability to achieve its objectives.

In addition, it will contribute to “securing the strategic capabilities of this company”.

He recalled that Telefónica is “strategic for national interests” due to its leadership in the telecommunications sector and its industrial capabilities, which he said are “crucial” in areas such as security and defense, as he explained.

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STC is aiming for a 9.9% stake in Telefónica

STC Group announced at the beginning of September its entry into the stake in Telefónica, where it expected to control 9.9% through the acquisition of 4.9% shares and 5% derivative financial products, which it will convert into shares after obtaining the relevant authorizations becomes .

At the moment, the Saudi telecommunications company has not yet given a date as to when it will convert these derivative financial products into shares, thus completing 9.9% of Telefónica’s capital.

If he does so, he would be the Spanish multinational’s first shareholder unless SEPI finalizes its 10 percent stake in Telefónica. In the latter case, SEPI would be number 1.

CaixaBank reduces its stake in Telefónica to 2.51%

CaixaBank has reduced its stake in Telefónica to 2.51% from the current 3.51% by partially liquidating a financial hedge that held it over 1.957% of the operator’s capital.

As CaixaBank has reported to the CNMV, the Spanish stock market regulator, the bank has delivered 1% of Telefónica’s capital through the partial settlement of this equity swap.

In recent years, CaixaBank has gradually reduced its stake in Telefónica, while Criteria, the holding company that manages the assets of the La Caixa Banking Foundation, strengthened its capital in the operator, of which it controls 2.56%, according to the latest update of its Participation that appears on the Criteria website.

Through Criteria’s participation in, among others, CaixaBank (31.92%), in Naturgy (26.71%) and in Telefónica itself, this holding company was able to distribute around 400 million to the La Caixa Foundation in 2023, which will use these funds Funding of their social benefits used work.

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