Criteria may even attain 10% of Telefónica to match the Government and STC | EUROtoday

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CriteriaCaixathe funding arm of the La Caixa Foundation, will improve its participation in Telefónica's capital to attain 10% of the capital to equalize forces with the Government, which notified final Monday that it had reached this threshold, and the Saudi group STC.

In this manner, the historic shareholder of Telefnica will act because the third pillar of the Board, as confirmed THE WORLD and El Confidencial has superior. Official La Caixa sources have declined to remark.

The operation would imply placing the entity chaired by Isidro Fain on an equal footing with the Government within the occasion that the Executive approves its request for a second advisor after the appointment of Carlos Ocaa.

The motion will imply that, for the second time, the holding double your participation, since It already went from 2.5% of the capital to five% final 8 April in a lightning operation. This operation, along with the two.5% of the stake that CaixaFinancial institution continues to carry, briefly positioned it because the shareholder with essentially the most straight managed shares within the group.

Precisely, the stake held by the financial institution has been in the marketplace for a number of years and could possibly be a method to combine all of the Foundation's shares below the Criteria umbrella and facilitate the acquisition.

Change of development

The April motion, which was suggested by Goldman Sachs, already represented a break with the earlier technique of the Catalan group, which had been buying the shares progressively and all the time at costs under 4 euros per title.

Now, this motion comes at a time of energy for the corporate's share, which, earlier than the market opened, stood at 4.19 euros per share, removed from the three.97 euros that CriteriaCaixa paid on common for the shares in April.

This second of the titles has already triggered the State to pay an additional worth of 150 million euros with respect to Saudi Arabia and can place the invoice for the operation

Currently, 5% of the operator will likely be valued at virtually 1,200 million euros, though Criteria might additionally purchase solely 2.5% (600 million euros) and proceed to depend as “own” the participation within the arms of CaixaFinancial institution.

Criteria is exactly one of many main entities within the Spanish market. Beyond his actions in Telefónica is the takeover bid that he’s getting ready with TAQA to take management of Naturgy and his development of positions in each Colonial and Puig, in addition to the doable involvement in Talgo.