The Government spokesperson, Pilar Alegra, announced during a press conference that the Executive hopes the State Society of Industrial Participations (Sepi) will acquire 10% of Telefónica as quickly as possible. This comes after Sepi announced that it currently holds 3% of the telecommunications company’s shares. Alegra emphasized the importance of completing the operation swiftly without negatively impacting the share price.
However, Alegra’s comments had the opposite effect, as Telefónica’s shares began to rise following her statements. By 4:30 p.m., the shares had reached 4.08 euros, a significant increase of 2.26%. The rush to complete the operation could result in a higher final bill for the government, as it will need to disburse an additional 1,600 million euros to reach the desired 10% ownership of the operator.
The unexpected turn of events has caused uncertainty about the future of Telefónica’s shares and the overall cost of the acquisition for the government. In the meantime, stakeholders and investors are closely monitoring the situation and its potential impact on the telecommunications market.
