The State Company for Industrial Participations (SEPI) has informed this Tuesday to the National Securities Market Commission (CNMV) that on May 9 it exceeded the threshold of 8% in Telefónica’s share capital.

Specifically, according to the information that SEPI has provided to the United States Securities and Exchange Commission (SEC), the participation of the public entity dependent on the Ministry of Finance in Telefónica amounts to 8.538%, with a total of 484,110,010 shares.

Likewise, the information sent to the US regulator specifies that the average price that the State has paid for each Telefónica share is 4.0113 euros, so the Government’s investment in the Spanish company amounts to just over 1,941 million euros. .

If the price of Telefónica at the close of trading this Monday is taken into account, which ended at 4.139 euros, the State’s shareholding package in the company has a market value of about 2,003 million euros, that is, about 62 million euros more than the amount disbursed so far.

On March 25, SEPI revealed a 3.044% stake in Telefónica’s share capital, on April 15 it raised its position to 5.034%, on April 26 it was announced that it had increased it to 6.169% and last On May 8, the public entity announced the increase in its position in the telecom company to 7.079%.

In this way, SEPI continues to advance the Government’s mandate to acquire up to 10% of the operator chaired by José María Álvarez-Pallete, a movement that occurred in reaction to the surprising landing of the Saudi telecom STC in Telefónica last September .

Specifically, STC acquired 9.9% of Telefónica’s share capital – 4.9% in direct shares and 5% in financial derivatives – in an operation valued at 2.1 billion euros.

The board of directors of Telefónica agreed on May 8, unanimously, to accept the “voluntary resignation” of Carmen García de Andrés from her position as director and appointed by co-option as director Carlos Ocaña Orbis representing the SEPI.

Just one day after agreeing on Ocaña’s appointment, the Minister for Digital Transformation and Public Function, José Luis Escrivá, left the door open to the possibility that the Government could appoint a second advisor to represent the SEPI when it meets its objective. to reach 10% of the telecom’s capital.