UGT has assured that it “supports any shareholding movement in Telefónica that provides stability to the workforce” after learning that the Government has ordered the State Society of Industrial Participations (SEPI) – an organization dependent on the Ministry of Finance – to purchase up to 10% of the shares of the operator chaired by José María Álvarez-Pallete.

This movement would make SEPI the main shareholder of Telefónica ahead of the Saudi ‘teleco’ STC (9.9%) and the stable core that until now was led by BlackRock with 4.98%, followed by BBVA (4.84%). %), and CaixaBank (3.5%).

“The announced entry of SEPI with 10%, which would make the State the largest shareholder of Telefónica, and the more than possible entry of the Saudi fund STC, with 9.9%, reinforce the company’s position on the stock market” , UGT highlighted in a statement.

According to the union, this strengthening “guarantees the Spanishness of Telefónica” and “must eliminate existing uncertainties regarding the possible sale of valuable assets of Telefónica to third parties”, as has recently happened with the sale of Telecom Italia’s fixed network to an investment fund, the organization has exemplified.

Telefónica and the unions are currently immersed in the negotiation of the collective dismissal that the company will apply in its three main subsidiaries in Spain (Telefónica de España, Móviles and Soluciones) and that will affect -according to the operator’s latest proposal– to almost 4,000 employees.

Added to this is the parallel negotiation of the new collective agreement of related companies (the current one is an extension of the previous one and expires on December 31), two processes that must be completed around January 4, 2024.

“UGT values ​​this movement positively, as it understands that it should result in an improvement in the working and social conditions of Telefónica workers,” the union added in its statement.

Furthermore, he considers that the entry of the SEPI should make possible the acceptance of its postulates and proposals for improvement by the management of Telefónica within the framework of the negotiation of the collective agreement.

“In this way providing guarantees, stability and the protection of staff rights claimed by our organization,” UGT stressed.

Regarding the collective dismissal, UGT believes that the process opened by Telefónica will not be affected by the Executive’s decision.

“We are sure of the possibility of reaching an agreement so that the separation of colleagues is mostly voluntary and with income that, in any case, guarantees the maintenance of their purchasing power, which added to our request for a hiring commitment of young talent, will allow the impact on the country’s economy to be positive while supporting business continuity and job creation,” the union has assessed.

However, UGT has asked the Government that this investment be accompanied by a “regulatory change that promotes competition in infrastructure and employment.”

“Technological innovation, the creation of added value and quality employment must be the axis of growth of the national and European telecommunications sector. A necessary evolution to discard the path of job destruction that has characterized the future of operators in recent years,” he highlighted.

Sumados-Fetico, another of the unions present in the negotiation of the collective dismissal and the new agreement at Telefónica together with UGT and CCOO, has also celebrated the Government’s decision to enter the company.

“I am glad that the State is becoming part of Telefónica’s shareholders. Regarding the negotiation we are currently having, I do not think it will have any consequences,” however, the Sumados-Fetico spokesperson clarified in statements to Europa Press.