The Government studies applying the IFM doctrine to the entry of STC Group into Telefónica

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He Government I would be studying applying to enter the Saudi group STC Group in Telefónica a doctrine similar to the approval with conditions of the OPA of IFM over 22.69% of the capital of Naturgy in 2021, according to Bloomberg.

Last Monday, the first vice president, Nadia Calvinoassured that the situation was being studied, but that the official notification from the Arab telecommunications operator, backed by the country’s sovereign fund, had not yet reached the Ministry of Defence.

In the case of the aforementioned OPA, The Executive forced IFM to guarantee that it would not support a delisting in three years, except in very specific conditions linked to the lack of negotiation of the value. At the same time, it ensured that the Australian fund could not promote divestments of the group’s strategic business subsidiaries in Spain, nor position itself against the company’s green investment plan to increase in exchange for increasing the dividend, which should remain at around “prudent” levels. In addition, he also had to bet on keeping his job.

In order to extrapolate this decision to Telefónicait should be noted that the authorization of the Saudi group does not follow the channels of the shield anti guide, since the company was (voluntarily) 0.1% short of activating it when it acquired 9.9% of the shares. On the other hand, this operation must be analyzed by the Ministry of Defence, taking into account strategic issues and possible threats to sovereignty that the operation raises. The operation must also be analyzed through the prism of the new anti-takeover decree, approved last July, which lowered the requirements of the previous one.

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