One month. This is the time that has passed since last September 5, the Saudi group STC informed the National Securities Market Commission (CNMV) of its entry into the capital of Telefónica, after acquiring 9.9% of the operator. Since then, silence has been absolute in the company. And also from the Government, which must give its approval to the landing, as it clashes with certain aspects of defense.
At the moment, Executive sources explain that they have not yet registered the official STC notification necessary for the procedure. And Telefónica does not anticipate new movements either. But everything indicates that the next few weeks will be key, given the approach of November 8, a date marked in red for the shareholders of the operator, which will present its new strategic plan without yet knowing if the Saudi group will occupy a position on its board of directors. administration.
It is foreseeable that José María Álvarez-Pallete will speak out about the operation to send a message of calm to his investors, just as he already did before the hard core of national shareholders (CaixaBank and BBVA) in the last board of directors meeting held last year. September 27 and in which some of those present showed some discomfort at the price at which STC would have acquired the package of shares, around 2.1 billion euros.
In any case, everything will depend on whether the Government has given its approval to the operation by then, for which it has three months once it receives the initial offer. Furthermore, it is more than foreseeable that the possible green light will come accompanied by certain conditions, to ensure factors such as employment, maintenance of the headquarters or limits so that STC can modify dividend policies or investment decisions.
Despite the silence of these weeks and the uncertainty surrounding the operation, Telefónica transmits that, if it goes ahead, it will be a shock for the company, especially at a time when its price is practically flat. In fact, on September 5, its shares closed the session at 3.75 euros. This Thursday they moved at 3.76 euros, just 0.5% more.
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