IBEX 35 investors applaud STC’s entrance into Telefónica
Telefónica soared at the opening of the Spanish market, rising 2.85 %, rewarding the purchase of a 9.9 % stake in the company by the Saudi telecommunications company STC Group for 2.1 billion euros, making it the Spanish operator’s largest shareholder.
In the first minutes of the bearish Spanish market session, which fell 0.25 %, 35.2 points, to 9,366.8 points, the Spanish operator rose by 2.85 %, followed by Solaria, with a rise of only 0.31 %, and Indra, with 0.30 %.
After this 2.85% rise, Telefónica’s share price stands at 3.853 euros, so that so far this year, the share has gained 18.63%. Yesterday the operator’s shares closed down 0.05%.
Telefónica has informed the Spanish Securities and Exchange Commission (CNMV) of the transaction, which will be carried out through the acquisition by Saudi Telecom of shares representing 4.9% of Telefónica’s share capital and financial instruments for another 5%.
The Saudi company has explained that it has no intention of acquiring control or a majority stake in Telefónica, according to its CEO, Olayan Alwetaid, who stressed that this is “a great investment opportunity” that allows them to use their “solid” balance sheet and at the same time maintain their “attractive” dividend policy.
Yolanda Díaz had no time to criticise the entry of STC in Telefónica
The second vice-president of the government and Minister of Employment, Susana Díaz, defended last night, as soon as the news broke, tonight protecting Spain’s “digital future” in the face of the purchase of a large stake in Telefónica by a Saudi group.
“Preserving our strategic autonomy is essential. Spain must ensure decision-making in companies like Telefónica, guardians of sensitive data”, said Díaz in a message on X (formerly Twitter).
For the vice-president and leader of the minority party Sumar, which only represents 12.31% of Spaniards, according to the last general elections, “better regulation and protection is needed to avoid takeover bids”. “We must protect our digital future”, she concludes.
