Criteria will increase its stake in Telefónica to 9.99% and equals the share of SEPI | Economy | EUROtoday

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CriteriaCaixa, the funding arm of the La Caixa banking basis, has taken a step ahead in Telefónica. The entity chaired by Isidro Fainé has reached 9.99% of the operator's capital, in keeping with a related truth despatched to the market regulator (CNMV), after buying an extra 4.91%. With this buy, which might exceed 1,000 million euros at market costs, Criteria virtually equals the participation of the State Society of Industrial Participations (SEPI), which holds 10% of the capital of the telecommunications firm.

Criteria intends to achieve “a maximum” of 10.01% of Telefónica's share capital, in keeping with the assertion, so it’ll proceed to amass extra shares if it achieves “administrative authorizations” for the acquisition of an oblique participation in sure regulated subsidiaries of Telefónica.

The funding firm already introduced on May 21 its intention to undertake this operation in Telefónica, and to go from 5% to 10% within the close to future, and with the acquisition of 4.91% it’s about to achieve its goal, in a transfer anticipated by The confidentialThe value of this newest transaction, given the share value of the corporate headed by José María Álvarez Pallete, can be round 1,000 million euros.

The actions round Telefónica's shareholding have occurred since Saudi Telecom (STC) entered the capital of the Spanish firm in September of final 12 months, when it acquired 4.9% of the shares. However, he left pending the acquisition of one other 5% obtained by way of inventory derivatives. As Telefónica is a strategic firm, with actions associated to protection or cybersecurity, Royal Decree 571/2021, of July 4, establishes that the Executive should authorize any proportion greater than 4.99% and, subsequently, the execution of those monetary devices.

He deadlock with STC, virtually a 12 months later, it’s related insofar because it has ended up defining the methods of the remainder of the actors within the capital. Initially, the Spanish exhausting core current within the shareholders set out a roadmap that allowed sustaining a establishment The thought was that CriteriaCaixa, BBVA and the not too long ago included SEPI would accumulate equal shares of as much as 15% of the capital, sufficient to manage STC if it remained at 5%. However, the specter of that extra 5% compelled the Government to extend SEPI's participation goal to 10%, disbursing virtually 2.3 billion euros, and Criteria -now- additionally has to achieve one other 10%.

In parallel, the holding firm chaired by Isidro Fainé introduced only a few days in the past a strategic plan whose predominant targets are to extend the gross worth of its property by 48%, as much as 40,000 million euros, and obtain dividends of as much as 700 million (75 % extra) for the inspiration. In a drastic strategic shift coinciding with the appointment of Ángel Simón as CEO, the entity has not too long ago entered Puig, ACS and Colonial, whereas leaving Cellnex. The new time, nonetheless, has as a setback the failed answer to Naturgy's shareholding downside. The fiasco of the pact with the Emirati Taqa to facilitate the exit of capital from the CVC and GIP funds has vastly difficult the scenario on the fuel firm.

“Our preference is for consolidated businesses, with opportunities for expansion, with solid financial positions and frequent and increasing dividend payments,” stated the president of Criteria, Isidro Fainé, in the course of the presentation of the strategic plan. In the case of Telefónica, shareholding actions have already had an affect on the board of administrators. At the start of May, the State Society of Industrial Participations (SEPI) proposed Carlos Ocaña as a director of the operator, representing the general public group.

At the start of April, the Minister of Economy, Commerce and Business, Carlos Body, already confirmed that the Government would request a seat on the council, whereas insisting on his want to stay within the agency. “SEPI's participation will provide Telefónica with greater shareholder stability so that the company achieves its objectives and, therefore, will contribute to the safeguarding of its strategic capabilities,” he assured.

At the final shareholders assembly, Pallete, though he didn’t expressly point out STC and SEPI in his speech, did check with each teams not directly. “We welcome those who have decided to participate in that future and, of course, we thank those who have walked the path with us, big and small, because they knew how to see where they needed to be,” the manager declared in his speech. Later, in his solutions to shareholders' questions, Pallete added that the brand new shareholders contribute to Telefónica's shareholder stability, which “reflects long-term confidence in the company's strategy.”

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https://elpais.com/economia/2024-06-28/criteria-eleva-al-999-su-participacion-en-telefonica-e-iguala-la-participacion-de-la-sepi.html