The State Company for Industrial Participations (SEPI) has communicated this Wednesday to the National Securities Market Commission (CNMV) that on May 3 it exceeded the threshold of 7% in the share capital of Telefónica, as well as the proposal that Carlos Ocaña Orbis joins the board of directors of the teleco as a proprietary representative of the State.

Specifically, and according to the information that SEPI has provided to the United States Securities and Exchange Commission (SEC), the participation of the public entity dependent on the Ministry of Finance amounts to 7.079%, with a total of 407,050,664 shares.

Likewise, the information sent to the US regulator specifies that the average price that the State has paid for each Telefónica share is 3.973 euros, so the Government’s investment in the Spanish company amounts to 1,617 million euros.

If the price of Telefónica at the close of trading this Tuesday is taken into account, which ended at 4.28 euros, the State’s shareholding package in the company has a market value of about 1,742 million euros, that is, about 125 million euros more than the amount disbursed so far.

On March 25, SEPI revealed a 3.044% stake in Telefónica’s share capital, on April 15 it raised its position to 5.034%, on April 26 it was announced that it had increased it to 6.169% and this Wednesday The public entity has announced the increase in its position in the telecom company to 7.079%.

In this way, SEPI continues to advance in the Government’s mandate to acquire up to 10% of the operator chaired by José María Álvarez-Pallete, a movement that occurred in reaction to the surprising landing of the Saudi telecom STC in Telefónica last September .

Specifically, STC acquired 9.9% of Telefónica’s share capital – 4.9% in direct shares and 5% in financial derivatives – in an operation valued at 2.1 billion euros.

Likewise, the SEPI has informed the CNMV this Wednesday that it has informed Telefónica of its request to incorporate Carlos Ocaña Orbis to the board of directors as a proprietary director representing its shareholding interests.

As Europa Press has learned, the ratification of Ocaña’s appointment by the Telefónica board of directors will occur “imminently.”

In that sense, the appointment of Ocaña on behalf of SEPI will occur by co-option and will imply, according to the sources consulted, the departure of Carmen García de Andrés from the operator’s board of directors.

García de Andrés has held the position of independent director in the highest decision-making body of Telefónica since May 4, 2017 and her last appointment occurred on April 23, 2021.

Carlos Ocaña Orbis currently works as deputy to the general director at Real Madrid, where he also participates in the executive, economic and purchasing committees.

In addition, he is a member of the digital transformation committee of the Prisa group and a member of the advisory board of the Hermes Institute.

Between June 2008 and December 2011 he was a member of the board of directors of, a public entity currently attached to the Ministry for Digital Transformation and Public Service, and between May 2008 and December 2011 he was general director of the Ministry of Industry, Tourism and Commerce.

Likewise, between 2008 and 2010 he was a member of the board of directors of Paradores and between May 2004 and April 2008 he was deputy chief of staff in the economic office of the president of the Government, who at that time was José Luis Rodríguez Zapatero.

On the other hand, Ocaña was co-author, together with the President of the Government, Pedro Sánchez, of the book ‘The new Spanish economic diplomacy’, published in 2013.