CriteriaCaixa has executed the derivatives to reach a 9.99% stake in Telefónica. A new movement that adds to STC’s request to complete the operation that would equal the participation of the Spanish entity.
Telefónica is immersed in a series of movements that directly affect the participation of its shareholders. Just a few days ago, in this same medium we reported on the request of STC to the Government of Spain to enable it to complete the transaction to acquire 9.99% of Telefónica. Now, it is CriteriaCaixa’s turn, which has executed the derivatives to acquire the same percentage, as reported by the newspaper Expansión.
In the statement issued to the CNMV to report this transaction, it is reported that has reached 9.99% «through the acquisition of a block of shares representing 4.91%«. Its objective is to reach a maximum of 10.01%, so it is still unknown if there will be more movements in this direction.
A 1.2 billion operation
The investment is quantified at approximately 1,200 million euros. And, with it, Telefónica welcomes what would be the second majority shareholder, after SEPI itself. It is important to remember that it is expected that during the coming months, STC will reach the same percentage, as it already indicated last September.
Telefónica is currently immersed in a large number of changes related to its shareholders. From privatization in 1997, There is no other era in memory in which the Spanish telecom company has faced a succession of events like the ones it is currently experiencing. A succession of operations that began a few months ago, when STC confirmed his intention to gain an important participation.
STC, waiting
At the time of writing, STC is still awaiting approval. receive the green light by the Spanish Executive in order to continue advancing its intentions. The legal framework that currently exists in our country allows the Government of Spain to reject the increase in the shareholding of the Spanish telecom company, with the aim of avoiding a hypothetical takeover bid in the future. However, the Government has already repeatedly stated the good harmony it has with STC, so there is no reason to think that the rise of the Saudi company can be stopped.
In order to preserve the stability of Telefónica, the Government already announced a few months ago that it would become the majority shareholder of the company. through SEPI. An operation that took place in several phases and was completed on May 21, after having made a total investment of 2,284 million euros, with an average price per share of €4.0295.
Over the past few years, Criteria has been increasing its stake in Telefónica. The company already stated last April, after having increased its stake to 5%, that this move “conforms to CriteriaCaixa’s investment policy, characterized by efficient and prudent management of its portfolio, focused on companies with an attractive dividend policy, such as Telefónica, which allows it to finance the social action of the La Caixa Foundation”.
