The Treasury transfers one other 500 million to Sepi and plans to succeed in 10% of Telefnica in May | EUROtoday

The 'Telephone operation' continues its course and goals to be accomplished earlier than the summer season. In March, the Treasury transferred one other 500 million euros to the State Society of Industrial Participations (Sepi), making a complete of 1,000 millionin accordance with the price range execution report revealed this Thursday by the General Intervention of the State Administration consulted by EL MUNDO.

The quantity is identical as within the earlier month and plans to finish the operation in May with the contribution of one other 1,000 million euros in April and May to finish the two,000 million euros.

This is the determine dedicated 'a priori' by the Treasury to assist the general public firm with the taking of 10% of the telecommunications operator on account of the “surplus” funds from what corresponds to Communities and City Councils.

In truth, till the tip of March, the contribution to Sepi is 4 occasions better than that made to the Financing Fund for Autonomous Communities, which quantities to 234 million euros.

A MORE EXPENSIVE OPERATION

With every little thing, The 2,000 million euros is not going to be sufficient to finish the operation and the holding should resort to its personal funds or debt. The Government's indications that it was going to finish the acquisition within the shortest doable time have given encouragement to the operator's motion, which, hand in hand with a rising Ibex, is at its highest ranges for 2 years. Now, 10% of Telefnica is value greater than 2.4 billion euros

This implies that The entity chaired by Beln Gualda pays a major premium in comparison with what was disbursed by the Saudis of STC Group. In the primary 5%, this surcharge was round 50 million euros and within the second half, it appears destined to turn out to be much more costly, because the Government has acquired its participation at costs under 4 euros on common, a state of affairs that’s now , with the motion at 4.25 euros it is not going to be repeated.

Sepi exceeded the edge of 6% of capital on April 24, as reported final Friday on the United States inventory market. This implies that The enterprise conglomerate is buying shares on the price of 1% of Telefnica per weekwhich would go away the State on the verge of asking for a counselor at current and in occasions of finishing its 10% take within the month of May, because of the punctuality of the contribution of Treasury funds.