The Government reveals in the United States a data that had not yet been made public in Spain, the price paid to enter Telefónica and that exceeds by 4.5% that paid by the Saudi group STC for the same package of shares.
According to a statement to the SEC, the US stock market authority, the State Society of Industrial Participations (Sepi) admits that it has purchased 5% of Telefónica at around 3.92 euros per share, that is, a 4. 5% more than the Saudi state group and which is already equivalent to nearly 50 million euros more. In total, it has already dedicated some 1,135 million euros of public money to this incursion. The Saudi group has assured that it has already purchased or tied up up to 9.9% of Telefnica at a price of 3.75 euros on average per share. That is, for 5% about 1,085 million.
As this newspaper already published, the investment banks anticipated that Sepi, attached to the Ministry of Finance that directs Mara Jess Monterowould end up paying a higher price than STC for having announced its intention to buy up to 10% of Telefónica to counteract the Saudi entry without having first tied up the operation.
This caused the expectation that prices would revalue as there was a new voracious buyer who, according to the aforementioned analyzes by investment banks, would contribute to sustaining the current price at least in the short term as long as it does not reach 10%. Telefnica has started this Tuesday’s session rising above 4.1 euros per title.
According to the statement to the SEC, “Sepi acquired the shares reported (289.5 million) at an average price of 3.9185 euros. These purchases were financed with capital contributions made to Sepi by the Spanish Public Treasury.” The Ministry of Finance admits that it is from the financing fund of autonomous communities and local corporations, where it considers that there is excess money, compared to the criteria of the majority. of these territorial administrations.
In its information to the SEC, more exhaustive than that provided in Spain to the National Securities Market Commission, the state group reveals that “on April 15, 2024, Sep announced the acquisition of Shares for an amount that would make it exceed the 5% of the Issuer’s outstanding Shares on said date. Settlement of this Share acquisition was completed on April 17, 2024. SEPI acquired the shares reported in order to carry out the Spanish Government order of December 19, 2023 to acquire up to 10% of the Issuer Shares, subject to compliance with the applicable Spanish reporting obligations and of the Spanish regulations that require that such acquisitions are carried out minimizing the impact on the trading price of the Shares, in order to promote the stability of the Issuer’s shareholding base and safeguard its strategic capabilities.“.
According to this investment arm of the Government, “Telefnica is a leading telecommunications company in Spain and internationally whose activities the Spanish Government considers of crucial importance for the economy, productivity, research activities, the security, defense and public interest of Spain“.
Sepi assures that none of its advisors, except the Secretary of State for the Economy, Israel Arroyo, has Telefónica shares in their personal capacity. Arroyo declares 379 shares.