La Caixa will buy up to 10% of Telefónica to match the government and STC

The holding company led by Isidro Faine had already doubled its stake in the company in April last year. from 2.5% to 5%. With the move, which is expected to be implemented quickly, he will once again double his stake in the company of which he is a historical shareholder. Criteria’s sources declined to comment.

It remains to be seen how this operation will be formulated, since two possibilities arise here. Until the date The criterion has 5% at the individual level, but Caixabank, of which he is the main shareholder, has another 2.5%. Both participations can be included in the entire Caixa environment, but the movement of the Fainé holding company will change the board.

There is a possibility that Criteria will acquire the 5% in the market that it aims to buy in order to achieve its desired 10% and thus be on par with SEPI and STC. But there is also the possibility that part of this participation will be increased at the expense of Caixabank.

Market sources indicate that the bank’s stake is expected to be divested and end up in Criteria’s hands, although they do not go into detail as to whether the move will coincide with what Criteria’s investment arm now intends. Kaisha; if you purchase 2.5% financial institution Criteria would “only” have to go to market to buy another 2.5%.

In any case, Criteria will need to spend more than 1 billion euros to complete the deal. In the case of SEPI, starting from zero, reaching 10% cost more than €2.280 million, more than initially expected due to share growth.

This movement is therefore taking place in the midst of an earthquake of Telefónica shareholders. SEPI, which represents the Spanish state, recently announced that it has completed the purchase of shares in the telecommunications company, the share of which has already reached 10%. In your case they already exist with your own consultant on the board of directors, although they could request a second member on the company’s highest management body.

On the other hand, there are the Saudis from UTK. They gave notice of their intention to obtain 10% of the shares of Telefónica. They have already gained access to 5% of the company’s share capital, but to obtain the remaining 5% and the voting rights they now have through derivatives, they need approval from the Pedro Sánchez government under anti-regulation. -absorption, which allows the executive branch to authorize foreign investment operations.