The operator’s price closed this Wednesday 0.34% below the 3.751 euros on September 5
MADRID, 5 Oct. (EUROPA PRESS) –
This Thursday marks one month since STC surprisingly announced its entry into Telefónica’s shareholding, an operation that went unnoticed in the market and with which it took over 9.9% of the company but which to be completed must be approved by the Government, which has not yet received official notification from the Saudi group about its intentions in the operator.
STC had the collaboration of Morgan Stanley so that the operation went unnoticed before being announced and includes 4.9% in shares and 5% in financial instruments.
Due to Spanish regulations on foreign investments in strategic listed companies, to exceed 5% in Telefónica – with a large presence in the national defense sector – the Saudi group needs the Executive to give the green light to the operation.
To do this, STC must send the Executive – through the Ministry of Defense – a notification explaining whether, for example, it wants to have a seat on the board of directors of the main Spanish operator, among other issues.
The sources consulted by Europa Press point out that STC is still preparing this document and that there is still no set date to send it to the Government, although different experts and analysts point out that one possibility is that the Saudi company is waiting for the formation of a new Executive.
In this sense, it is worth remembering that the King has proposed Pedro Sánchez as a candidate for a new investiture after Alberto Núñez Feijóo, who did not obtain the necessary support, and that the term of the acting President of the Government to be invested ends on the 27th. of November.
For this reason, accredited sources from the Executive have indicated to Europa Press that, in the absence of this official communication from STC, it is still premature to advance that conditions will be imposed on the operation in line with what was carried out in previous cases (such as the emergence of the fund IFM in Naturgy).
With its 9.9% stake, STC becomes the main shareholder of Telefónica, ahead of the stable core that until now was led by BlackRock with 4.98%, BBVA (4.87%), and CaixaBank (3.5%). %).
On September 27, the president of Telefónica, José María Álvarez-Pallete, commented on the details of the arrival of STC at the company’s board of directors, a meeting of the company’s highest decision-making body in which some directors took the opportunity to express your concerns about this operation.
Such as, for example, knowing if the Saudi group intends to become a stable shareholder or if it is an opportunistic investor, and if it has already suggested its intention to claim a seat on the company’s board of directors.
It was also commented by some members of the board that STC’s entry into Telefónica has occurred at a price that is too low, specifically, around 2.1 billion euros.
Telefónica shares ended the day this Wednesday at 3.738 euros, which represents 0.34% less compared to the 3.751 euros at which they closed on September 5, the day the emergence of STC was made public. the company.
However, in this period the price of the Spanish operator rose in value by up to 9%, specifically, on September 20, when it closed the day at 4,089 euros.
In this sense, it is worth noting that on September 22, the American fund BlackRock increased its short position in Telefónica to 0.6%, from the previous 0.5%, according to the records of the National Securities Market Commission (CNMV). ).
In this way, the North American fund is betting on a drop in the price of the Spanish operator, which on September 19, two weeks after the emergence of STC in its shareholding, closed above four euros for the first time since past May 10.
Since then the share price has been gradually falling and this Wednesday was the third consecutive day that it closed in the red.
In this context, Telefónica’s new 2023-2026 strategic plan will be presented on November 8 at the company’s ‘Investor Day’.
