Alphavalue/ Divacons | Norway’s sovereign wealth fund (NBIM) has announced that it will vote against Telefónica’s remuneration report at the shareholders’ meeting on 26 March. Major Californian pension funds, Calpers and Calstrs, have joined this stance and also reject the remuneration for the previous financial year. The opposition from these institutional investors centres on the final payments of €44 million to former chairman José María Álvarez-Pallete and €33 million to…

Link Securities | Telefónica (TEF) has completed the acquisition of Altim, a consulting firm specialising in the customisation of SAP business software for clients, for a total valuation of around €30 million, according to Expansión. The acquired company, which is headquartered in Las Rozas (Madrid), is primarily engaged in the implementation of customised solutions for the business market based on the business management system of the German company SAP. The…

Bankinter | With the restructuring of the group well underway, following the sale of the Telefónica Hispam subsidiaries and staff reductions in Spain, the focus in 2026 is on the possibility of a corporate transaction. New European regulations introduced in January that will favour consolidation processes to promote greater scale, competitiveness and investment in infrastructure, and the existence of various alternatives, especially in Spain and Germany, increase the likelihood of…

Alphavalue/Divacons | Citing sources close to the deal, El Español reports that Telefónica (TEF) is in talks with 1&1, a subsidiary of United Internet (add, Target Price €31.3/share), for a possible purchase. The acquisition price would reportedly be between €4.5 billion and €5 billion. This move seems logical from a strategic point of view, as a possible takeover bid by Telefónica for Vodafone Spain would be complicated if a RANco…

Link Securities | Telefónica (TEF) and Vodafone Spain, a company wholly owned by British financial group Zegona (ZEG-GB), have obtained the green light from the European Commission (EC) for the French financial group AXA (CS-FR) to acquire a stake in Fiberpass, the wholesale fibre optic company (fiberco) created from the networks and broadband customers of the two operators, according to Expansión newspaper. In fact, the European Commission stated in a…

Banc Sabadell | The European Council has agreed to ask the European Commission to change the regulation on concentration in the TMT sector to facilitate mergers, which are necessary to boost innovation and investment in infrastructure. We note that the EC is in the process of approving the Digital Networks Act, although the draft disappointed the sector, as the measures envisaged to facilitate concentration are not forceful. Assessment: This is…