Telefónica rises on the stock market due to a possible entry of the Government into the shareholding

by archynewsy
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Telefónica has started the stock market session with a rebound that has reached 3% and has stabilized somewhat above 2.5% due to the possibility of the Government landing its shareholding.

According to advance The confidential, the Executive of Pedro Sanchez would invest 1,000 million euros to acquire around 5% of the company and thus act as a counterweight to STC Groupthe Saudi group that already controls 4.99% of the capital and aspires to receive authorization to acquire 9.9%.

If the operation is completed, the State would become the second largest shareholder of Telefónicain front of CaixaBank y BBVAhistorical shareholders of the group and BlackRock. This would also fulfill one of Sumar’s requests, which has always advocated for the Government to take a stake in strategic companies.

Telefónica presents its new strategic plan on November 8, which will include a workforce cut of up to 5,000 people through a voluntary departure plan.

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