The QUIET (State Company of Industrial Participations) already has 10% of Telefónica shares, as reported by those responsible to the CNMV (National Securities Market Commission). In this way, the entity has managed to comply with the agreement of the Council of Ministers, which ordered a few months ago the purchase of shares of the operator up to 10% of its titles.
This purchase of shares is intended to be permanent, and also to contribute «greater shareholder stability for the company to achieve its objectives”. From the SEPI they also point out that the operation «contributes to the protection of the strategic capabilities of a key company in the telecommunications sector and determining in most of the industrial capabilities and areas of knowledge that affect the essential interests of defense and national security«.
According to EFE, 2,284.8 million euros have been invested in the purchase of these securities, a total of 567,016,155. The average Price paid for the shares is 4.0295 euros. Prior to the purchase of these shares, SEPI had 541 Telefónica shares in its possession, which means that it now has 567,016,696 shares in total.
With this step, SEPI is now the main shareholder of the operator, since on May 13 it obtained ownership of 9% of its shares. For now it has a proprietary director in the company, the economist Carlos Ocaña. However, the possibility has been left open for the authorities to request a second.
The Minister for Digital Transformation and the Public Service, Jose Luis Escrivá, does not rule it out. Currently, Telefónica has 15 directors, and on average, the percentage of titles that each of them represents is 6.7% of the total.
Representatives of the SEPI assure that the purchase of Telefónica securities has been carried out «minimizing the impact on the price and complying with the communications of significant holdings established in the regulations of the markets where it operates«. The entity considers that the group is decisive due to its industrial capabilities and areas of knowledge. Also because it develops activities of relevance to the economy and the productive fabric «including those related to security and defense«.
Meanwhile, at Telefónica they are waiting for STC Group to Buy up to 9.9% of stakes in the operator, as it assured it would do last September. For now it has 4.5% of its titles, and there are no indications that it will get more, at least in the short term.
Had it acquired more securities without government intervention, the Saudi group could have become the main shareholder of Telefónica. But after the passing of the Government, even if it buys the percentage of shares that it announced at the time, SEPI would continue to be its main shareholder.