Although almost everyone is paying attention to the Government’s movements when it once again becomes a shareholder in Telefónica, the large Spanish telecom company has a maximum shareholder and it is not precisely the State Society of Industrial Participations (SEPI). And we must not forget that the Saudi group STC also came into play. However, on this occasion, we are talking about CriteriaCaixa, the holding company that has just proclaimed itself as the operator’s largest shareholder.
CriteriaCaixa reaches 5% of Telefónica’s capital. This new movement means doubling the position it already maintained in the shareholding of the Spanish telecom company. And the thing is that, to date, the holding company of the La Caixa Foundation had 2.69% of the operator’s assets. Therefore, it represents an important movement within the telephone company’s shareholders.
The Caixa Group with up to 7.5%
For a few months now, Telefónica has not stopped being in the news due to its constant changes in its shareholding. First of all, we learned about the arrival of the Saudi group STC, which in its day took over 4.9 of the capital of the Spanish telecom company. And that was not all, since they also announced the goal of reaching 9.9% by carrying out a series of necessary financial instruments.
This move by the Saudi group led the Government to take action on the matter. Hence the move to authorize SEPI to buy up to 10% of Telefónica. Although, at the moment, it has only acquired 3% of the shares of the telecommunications company, but the goal is to reach 10% as previously announced. And the idea is that it be achieved as soon as possible, in addition to the intention of obtaining a seat on the Telefónica Board.
On the other hand, there was CaixaBank, which, for its part, reduced its participation in the telecom company from 3.51% to 2.51%. However, since yesterday it became known that CriteriaCaixa had already informed the CNMV (the National Securities Market Commission) that it had a 5.007% stake in the telecom company, that is, it almost doubled the stake it had until now. . In this way, if we add both shares of the Caixa Group, they now add up to 7.5% of the stake in Telefónica, making it the main shareholder of the blue operator.
CriteriaCaixa’s strategy
With this new increase in Telefónica’s participation, CriteriaCaixa assured that “its participation in Telefónica has a strategic and long-term nature. In this sense, its main objective is to provide the telecommunications operator, which is an essential company for both the country and the sector internationally, with the greatest shareholder stability.” In addition, it must be taken into account that the entity has already received up to 42 million euros from the operator as a dividend in 2023, so with the new increase in its participation it is clear that this amount will increase in the future.
What is clear is that, together with the participation of almost 5% (4.83%) that BBVA currently has and the 10% that the Government intends to obtain through SEPI, the operator Telefónica will have an important Spanish core. which will form up to 20% of its capital. And, of course, it is a good way to compensate for the 10% of the Saudi STC group that it intends to obtain.
