MADRID, 12 Sep. (EUROPA PRESS) –
Late yesterday, Morgan Stanley communicated to the National Securities Market Commission (CNMV) a stake in Telefónica’s share capital of 12.178%, including the 9.9% that the US investment bank has acquired for the Saudi operator STC. .
The bank had until Monday night to inform the CNMV of its participation in the Spanish operator.
According to the record sent by Morgan Stanley to the supervisor, this 9.9% of Telefónica acquired on account of STC is equivalent to 569,295,356 voting rights and is materialized through a ‘put/call’ option, a financial derivative with a period conversion period which, in this case, covers from March 5, 2026 to September 5, 2028.
The rest of the declared stake in the Spanish operator, 2.278%, belongs to Morgan Stanley’s own portfolio.
STC, 64% owned by the Saudi sovereign fund (Public Investment Fund), announced last Tuesday that it had acquired 9.9% of the share capital of Telefónica for an amount of 2.1 billion euros.
Morgan Stanley has been in charge of acquiring small packages of Telefónica securities for STC in recent months through subsidiaries and other investment vehicles, an issue that, according to various analysts, would have also served to support Telefónica’s share price, especially in August and after the setback that resulted in the loss as a wholesale client of 1
Significant holdings and the duty to notify them are included in a European standard and its Spanish transposition. There are some specificities and partial exemptions for the positions built by financial entities.
The regulations contemplate that banks have an exemption from the CNMV by which they do not have to register participations in companies if they do not exceed 5% of the company’s share capital and are for trading.
Morgan Stanley’s notification to the CNMV comes after last Friday the Saudi sovereign fund declared in the CNMV records that it holds a 9.9% stake in Telefónica.
This movement was channeled through Green Bridge Investment, an investment vehicle controlled entirely by STC and which is the owner of both the shares and the financial instruments contemplated in the operation.
