MADRID, Dec 19 (Reuters) – The Spanish government has ordered the national public fund to take a 10% stake in telecoms giant Telefonica, the SEPI (State Company of Industrial Participations) said in a statement on Tuesday.
This acquisition would come after the main Saudi telecoms operator, STC, became Telefonica’s main shareholder in September by taking a 9.9% stake in the Spanish group for 2.1 billion euros.
SEPI has indicated to the Spanish market regulator that it will finalize the acquisition of the necessary volume of shares while ensuring that the impact on Telefonica’s stock price is minimized.
In its statement, the Spanish public fund said its stake would guarantee Telefonica “greater shareholder stability” to enable the company to achieve its objectives and, “consequently, contribute to protecting its capacities strategic”.
Telefonica is considered by Madrid as a strategic group because it manages sensitive data in particular.
(Reporting David Latona and Jesús Aguado; French version Jean Terzian)
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