Government aims to quickly reach 10% stake in Telefónica as share price hits May highs

The Government spokesperson, Pilar Alegra, announced during a press conference that the Executive hopes the State Society of Industrial Participations (Sepi) will acquire 10% of Telefónica as quickly as possible. This comes after Sepi revealed that it currently holds 3% of the telecommunications company’s shares. However, Alegra’s comments had the opposite effect, as Telefónica’s shares began to rise following her statements.

Alegra emphasized the importance of completing the operation swiftly without negatively impacting the share price. By 4:30 p.m., the shares had reached 4.08 euros, a significant increase of 2.26%. The unexpected turn of events has caused uncertainty about the future of Telefónica’s shares and the overall cost of the acquisition for the government.

The rush to complete the operation could result in a higher final bill for the government, as it will need to disburse an additional 1,600 million euros to reach the desired 10% ownership of the operator. Sepi is not required to notify new purchases until it reaches 5% ownership of the company, which has added further confusion to this already uncertain situation.

Investors and stakeholders are closely monitoring this situation and its potential impact on Telefónica’s share price and on other companies in telecommunications market.

It remains unclear how this development will unfold and what impact it will have on both Telefónica and investors in this sector.

By Riley Johnson

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