Criteria to raise stake in Telefonica to 10%, El Confidencial says
MADRID, May 21 (Reuters) – Spanish holding company Criteria plans to raise its stake in Telefonica (TEF.MC), opens new tab to 10%, matching the government’s recently acquired stake in the telecoms company, news website El Confidencial reported on Tuesday, citing unidentified sources.
Criteria, which is Caixabank’s (CABK.MC), opens new tab largest shareholder with a stake of more than 30%, already owns about 5% of Telefonica.
A 10% stake in Telefonica is worth about 2.38 billion euros ($2.58 billion) at the current market price.
The Spanish government concluded the purchase of its 10% stake on Monday to counterbalance the acquisition of a similar stake in Telefonica by Saudi Arabia’s STC (7010.SE), opens new tab.
Criteria declined to comment on the report.
($1 = 0.9210 euros)
Source: REUTER
