Telefónica joins long list of state-controlled companies: at 10% it is low down in the range
Morgan Stanley| On Tuesday, the Spanish government decided to order state-owned SEPI to buy up to 10% of Telefónica (TEF), ending a 26-year period of no government control of Telefónica since its privatisation in 1997. However, Nawar Cristin points out that, after this purchase, Telefónica joins a long list of state-controlled companies and that 10% is at the lower end of the range. Moreover, the announcement has not come as…