The Council of Ministers of Spain agreed, on Tuesday, to purchase Telefónica shares, whereby SEPI (State Society of Industrial Participations) will become a reference shareholder in the company with a capital investment of up to 10%. This follows a proposal by the Minister of Finance and Public Function.
The Ministry states that Telefónica is a strategic company for Spain in multiple areas, especially in the telecommunications, security and defense. and that the presence of a reference public shareholder in this company will mean a reinforcement for its shareholding stability. It is also present in all technological areas of the Ministry of Defense and provides the services and telecommunications infrastructures in national territory and in military operations abroad. The presence of a public shareholder in Telefónica will preserve the strategic capabilities and of essential importance for the interests national.
The Ministry says that its entry into the company's capital is in line with other countries, naming Germany, which holds 13.8% of the capital of Deutsche Telekom; France, which has 13.4% in Orange; and Italy, which has adopted an agreement in August 2023 to increase up to 20% its participation in the company that brings together the fixed telephony assets of Telecom Italy.
