The Government wants to accelerate its entry into Telefónica two weeks before the general meeting of shareholders. The State Society of Industrial Participations (Sepi) will acquire the other remaining 7% to achieve its objective “as quickly as possible as long as it does not affect the price” of the telecom company. The Executive continues to defend that this movement allows “to provide greater shareholder stability.” Saudi Telecom (STC) still does not move to request authorization to reach 9.9%.
The ‘green light’ from the Council of Ministers to Sepi to acquire up to 10% of the operator was given last December. During these three months, the purchases of 175 million shares have been completed, which represents just over 3% of the total. This has meant an investment of almost 690 million euros at the current price of the group chaired by José María Álvarez-Pallete. The rest? “As for the deadlines to complete that purchase [hasta el 100%] It will be done as quickly as possible,” said the Government spokesperson, Isabel Rodríguez.
No further information has been provided regarding the deadlines. It must be taken into account that Sepi already has more than 3%, so it would have the possibility of requesting a change in the agenda of the general meeting of shareholders that will take place in the middle of next April to claim the appointment of a director in the event that the percentage required for that representativeness is reached. Today it is formally at 6.7%, although in practice it could be lower given the position of BBVA and Caixabank (around 5%), both with a representative on the multinational’s highest decision-making body.
The Executive has once again insisted after the Council of Ministers meeting on the arguments that were used with the announcement of entry into the operator. Rodríguez has insisted that the transaction – which will involve a very significant investment effort of public money of more than 2.2 billion euros – “will make it possible to provide greater shareholder stability” after the emergence of the Saudi STC, which has kept its intention to reach 9.9% of the titles always requested for government authorization.
