(CercleFinance.com) – Telefonica shares jumped more than 4% on Wednesday on the Madrid Stock Exchange following the announcement of the entry of the Spanish State into the capital of the telecommunications group.
At the end of its meeting yesterday, the Council of Ministers decided to order SEPI, the holding company responsible for managing the State’s industrial holdings, to acquire a stake of up to 10 %.
In a press release, the Spanish government explains that this investment – which is intended to be ‘long-lasting’ – aims to guarantee Telefonica greater stability of its shareholders in order to help it achieve its objectives and preserve its strategic capabilities.
The Spanish State is thus making its grand return to the capital of the telephone operator a little over 26 years after leaving it as part of the company’s privatization process.
According to analysts, this announcement is above all a response to the recent entry into the capital of 9.9% of the Saudi telecom operator STC, made official in September.
‘This decision is consistent with the government’s strategy which consists of taking significant stakes and having decision-making power within strategic companies, as had already been the case with Indra’, recall the Renta 4 Banco teams.
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