Saudis from STC ask government for permission to enter Telefónica

Operator Saudi Telecom Company (STC) officially requested permission from the government to reach 9.9% of Telefonic’s capitalAh, reports El Confidencial. The goal of STC, which already controls 4.9% of Telefonica shares and owns a further 5% of derivatives, is to obtain executive approval and request seat on the board of directors.

This company’s strategy prompted the executive to enter into the capital of Telefonica, in which he owns 10%, through the public company SEPI; and form a stable core of shareholders with Kaisha what’s through criteria, which already exceeds 5%.

STC waited for the government to buy 10% of the capital through SEPI and for CriteriaCaixa to reach a 5% stake before seeking permission. It is possible that CriteriaCaixa will double this capital share and reach 10%, since CaixaBank has left the operator. In any case, at the presentation of the strategic plan of the investment holding La Caixa, its CEO Angel Simon did not specify whether the goal was to reach 10% of the operator’s capital.