The State Society of Industrial Participations (Sepi) has started its plan to purchase shares in Telefónica. The organization has reported that it has already acquired 3% of the telecommunications operator with an investment that exceeds 680 million euros at current market prices. This transaction occurs before the Government has formally ruled on the increase of the Saudi STC to 9.9% of the capital, something that should happen in the coming months.
In a relevant fact sent this Monday to the National Securities Market Commission (CNMV), Sepi has acquired 175 million shares of the operator, which represents 3.04%. This is the first relevant package acquired on the market, as promised at the end of last year. It is slightly less than a third of the limit that had been set, since it aspired to reach 10% to position itself as the main shareholder.
This acquisition is the return of public capital to the Spanish telecommunications operator since the privatization that occurred at the end of the 90s. “We have no more information about it; in any case, the interest in Telefónica shows that it is a company strategic and attractive,” say sources from the operator, who insist that they will continue to focus on the execution of the strategic plan “to continue creating value for shareholders and provide the best service to customers.”
There had been speculation that the absence of the General State Budget (PGE) for this year 2024, after the advance of the Catalan elections was completed, could complicate the entry of the Sepi due to the lack of financing. However, this first purchase has been completed, which represents a very relevant effort of more than 687 million euros. According to knowledgeable sources, the transaction was carried out through a credit transfer by the Ministry of Finance.
The public holding company assured in December, when it was authorized by the Council of Ministers to land in the shareholding with that 10%, that it arrived with a “vocation to permanence.” “Sepi’s participation will provide Telefónica with greater shareholder stability so that the company can achieve its objectives and, therefore, will contribute to safeguarding its strategic capabilities,” he added.
With the changes at Caixabank
This communication from Sepi occurs just on the same Monday in which Caixabank has announced that it is reducing its position to 2.51% in the operator chaired by José María Álvarez-Pallete. That 1% that has been released has no relationship with the acquisition that Sepi has carried out, according to knowledgeable sources.
In a relevant event before the National Securities Market Commission (CNMV), Caixabank has reported that it has decided to partially liquidate a hedge on 1.95% of its 3.51% stake in Telefónica by delivering 1%. In this way, it is reduced to 2.51%. Criteria’s continued purchases will offset these divestments and its position will remain around 5%.
With all these changes, today Telefónica’s shareholding is distributed between Caixabank (5%), Blackrock (4.98%); STC (4.9%); BBVA (4.83%), and Sepi itself with just over 3%. The latter is expected to reach 10% although specific deadlines have not yet been set by the public body. It is not ruled out that the ceiling set by the Council of Ministers will be reached before the summer.
