SEPI takes stake in Telefónica to over 9% from 8% previously

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Banco Sabadell: The State Industrial Ownership Corporation (SEPI) has informed the National Securities Market Commission (CNMV) that on May 15th it reached a stake of more than 9% in the capital of Telefónica (from the previous 8%). We recall that SEPI’s objective is to reach 10% of TEF’s capital.

Assessment: Positive news with limited impact, in fact now that SEPI has almost achieved its objective, the share will lose this support in the market. Other shareholders are Criteria-CaixaBank with 7.51% (5% Criteria and 2.51% CaixaBank), STC (4.9%), BBVA (4.87%), BlackRock (4.48%), Vanguard (3.16%).

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