This Tuesday, Telefónica experienced a rise of 1%, a rise that placed it above 4 euros per share, a level it had not touched since last May 10, bringing the 9.9% stake in the Spanish operator that acquired STC On September 5, it has a market value currently close to 2.3 billion euros, that is, almost 200 million more than the 2.1 billion that the Saudi company invested to land in the Spanish company.
Specifically, Telefónica shares closed the session at 4,027 euros, which represents a revaluation of 7.35% since STC announced its arrival in the company on September 5, when the company’s shares closed the day at 3,751. euros. On the other hand, Criteria Caixa, the holding company of the La Caixa Banking Foundation, has invested almost 2.6 million euros in Telefónica shares since last September 5, according to the records of the National Market Commission. Securities (CNMV) consulted by ‘Europa Press’.
Specifically, Criteria Caixa has acquired a total of 669,747 Telefónica shares since that date and the import of its investment has been 2.59 million euros, so the average purchase price has been 3.87 euros per title, that is, 3.73% below the real price of the operator’s shares. Along these lines, Criteria Caixa has already invested almost 70 million euros so far this year in the acquisition of 18.81 million Telefónica shares, so the average purchase price has been 3.7 euros. At the current price, the share package acquired by Criteria Caixa so far this year has a value of 75.6 million euros.
In the midst of controversy over the operation, the National Securities Market Commission (CNMV) has assured that it will closely follow the future of the emergence of STC in Telefónica, although sources from the regulator indicate that “to date” there are no “actions or Circumstances that indicate that the applicable regulations have not been complied with in the recent notification of positions.”
Specifically, the 9.9% that the Saudi group has acquired from Telefónica is divided into 4.9% in shares and 5% in financial instruments, although this operation went unnoticed in the CNMV records until recently. September 5, when the entry of the Saudi group into the Spanish operator was announced. In this sense, sources from the supervisor have recorded that the aforementioned financial instruments have different execution periods and that as STC exercises them, it will have to notify the CNMV of the changes that occur in its participation.
“In addition, any derivative is subject to Government authorization if it is produced. That is, it is not over yet,” they stressed. They thus refer to the regulations in force in Spain regarding foreign investments in strategic listed companies and by which the Executive has to give permission to non-EU investors who intend to acquire more than 10% of a company of this type. However, this threshold is lowered to 5% in the case of companies with interests in the field of national defense, such as Telefónica.