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Telefónica: a last minute change?

The announcement that Sepi has the Government’s authorization to acquire up to 10% of Telefónica’s capital represents a certain change with respect to the conversations that had been held until now between the Government and the two main national shareholders (the Sepi group). La Caixa Foundation and BBVA), whose original idea was to form a national ‘nucleus’ that would control around 15%, distributed equally between the three, so as to compensate for the fact that the Saudi group STC also agreed to keep another 5 %.

Since the Saudi Arabian fund announced its intention to acquire 9.9% of Telefónica’s capital in an operation implemented through Morgan Stanley and of which no one had prior knowledge until the moment it was communicated to the

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