Pallete transfers to the Telefónica board the details of the Saudi entry without STC having yet communicated it to the Government

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The president of Telefónica, José María Álvarez-Palletehas commented to the company’s board of directors on the details of the emergence of the Saudi group STC into the shareholding, in an ordinary meeting of the company’s highest decision-making body that ended around 1:30 p.m. this Wednesday, according to reports. indicated to Europa Press sources familiar with the meeting.

In this context, some company directors have taken advantage of the occasion to convey your concerns around this operation – which went unnoticed until it was made public on September 5 -, such as, for example, knowing whether the Saudi group intends to become a stable shareholder or if it is an opportunistic investor. , and whether you have already suggested your intention to claim a seat on the company’s board of directors.

It has also been commented by some members of the board that the entry of STC into Telefónica with 9.9% of the shareholders (4.9% in shares and 5% in financial instruments) has occurred at too low a pricespecifically, around 2.1 billion euros, which has led to its surprise emergence, orchestrated with Morgan Stanley so that it would go unnoticed in the market.

The meeting of Telefónica’s highest decision-making body took place a few days after Álvarez-Pallete maintained a second meeting with the STC leadership since the operation was announced.

Although the first took place in Riyadh the day after the announcement of STC’s entry into Telefónica’s shareholding on an express trip in which Álvarez-Pallete was accompanied by the operator’s CEO, Ángel Vila, The second meeting took place within the framework of an event in the United States organized by the GSMA – the global association of the mobile industry – on September 18.

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