SEPI announces it now owns 3% of Telefónica and reinforces company’s “Spanishness”.


Renta 4| According to National Securities Market Commission (CNMV) records, the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) now controls 3.044% of Telefónica’s capital. It should be remembered that the Council of Ministers last December approved the purchase of 10% of the operator’s capital by SEPI. Caixabank also announced that it has divested 1%, dropping to 2.51%, while Criteria is increasing its stake. The aim is to bring the joint stake to over 5%. It now stands at 5.07%. This operation reinforces the “Spanishness” of Telefónica, as it is also represented by Caixabank, maximum shareholder (5.07%) including Criteria (2.56%) and BBVA 4.839%.

Assessment: Expected news. We believe that Telefónica will continue to buy shares on the market to build its stake to 10%, a key support for its share price in the coming months. P.O. EUR 4.6. OVERWEIGHT.

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