In a surprising move, the US government has revealed previously undisclosed data regarding Telefónica’s share prices in Spain. According to a statement made to the SEC, the State Society of Industrial Participations (Sepi) has purchased 5% of Telefónica at around 3.92 euros per share, which is 4.5% more than the Saudi group STC paid for the same package of shares. This news has caused speculation about rising prices due to a new buyer entering the market, as Telefónica’s shares have risen above 4.1 euros per title in response to the news.
According to information provided to the SEC, Sepi acquired the shares in order to carry out the Spanish government’s order to acquire up to 10% of Telefónica’s shares in order to promote stability and safeguard strategic interests. The Spanish Public Treasury financed these purchases with capital contributions. Sepi also stated that Telefónica is crucial for Spain’s economy, productivity, research activities, security, defense and public interest.
It is worth noting that Israel Arroyo, Secretary of State for the Economy holds 379 shares of Telefonica which shows his involvement and commitment towards this company and its importance for Spain’s growth and development.
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