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Uncertainty after the entry of Sepi into the capital of Telefónica

The announcement made on Tuesday, after the meeting of the Council of Ministers, that the Government has ordered Sepi to buy Telefónica shares up to 10% of its capital, opens a series of uncertainties that should be clarified as soon as possible.

If it is an isolated event to safeguard the strategic nature of the company after an agreement with the other two reference partners, BBVA and La Caixa, the decision could make sense. But if, on the contrary, it means the return of the public sector

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