• Fri. May 24th, 2024

Telefónica Attracts State Investment, as CaixaBank Reduces its Stake

BySamantha Nguyen

Mar 25, 2024
Government acquires 3% of Telefónica’s capital as it enters as shareholder

The State Industrial Participation Company (SEPI) has acquired a 3% stake in Telefónica, following the Government’s approval to enter the company’s capital. SEPI, a shareholder committed to remaining invested, aims to provide Telefónica with greater shareholder stability to help achieve its objectives and protect strategic capabilities. This stake consists of 175 million shares valued at approximately 700 million euros based on market prices.

Telefónica views SEPI’s interest as a testament to its leadership and attractiveness in both telecommunications and the new digital era. The company’s industrial capabilities, particularly in areas like security and defense, make it an attractive investment for SEPI.

CaixaBank has reduced its stake in Telefónica to 2.5% by selling a portion of its shares. This move is part of a strategy to decrease the bank’s exposure to the company while the La Caixa Banking Foundation, through Criteria, has been increasing its position. Isidro Fain, vice president of the group’s Board of Directors, is expected to extend his long-standing relationship with the company.

The reduction in CaixaBank’s ownership weakens the so-called “Spanish core” in Telefónica, which includes BBVA and the Catalan bank. The Government plans to strengthen this group by acquiring 10% of the company through SEPI. Despite uncertainty surrounding the operation due to budget constraints, the increasing share price of Telefónica suggests growing investor interest in the company.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

Leave a Reply