{"id":48758,"date":"2026-07-01T19:45:24","date_gmt":"2026-07-01T19:45:24","guid":{"rendered":"https:\/\/www.europesays.com\/spain\/48758\/"},"modified":"2026-07-01T19:45:24","modified_gmt":"2026-07-01T19:45:24","slug":"the-spanish-shareholding-core-in-telefonica-is-diluted","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/spain\/48758\/","title":{"rendered":"The Spanish shareholding core in Telef\u00f3nica is diluted"},"content":{"rendered":"<p>You might be interested in<\/p>\n<p>        <a class=\"seo-links__link\" href=\"https:\/\/en.ara.cat\/sports\/possible-betrayal-of-raphinha-his-father-would-have-swindled-him-out-of-lot-of-money_1_5780520.html\" title=\"Possible betrayal of Raphinha: his father would have swindled him out of a lot of money\" target=\"_self\" rel=\"nofollow noopener\">Possible betrayal of Raphinha: his father would have swindled him out of a lot of money<\/a><\/p>\n<p class=\"body-paragragh--paywall\">\n        MadridWhen the Saudi operator STC entered Telef\u00f3nica, the telecom company, then chaired by Jos\u00e9 Mar\u00eda \u00c1lvarez-Pallete, argued that the &#8220;Spanishness&#8221; of the shareholding was not lost. It said so because a core group based in the State was maintained with historical shareholders such as Criteria, BBVA itself, and CaixaBank, which sold its stake in 2024. The State Industrial Shareholdings Corporation (SEPI), the Spanish government&#8217;s investment arm, would later join them, acquiring 10% of Telef\u00f3nica&#8217;s share capital. Today, however, this Spanish core has been diluted. CaixaBank&#8217;s departure two years ago is now joined by BBVA&#8217;s reduction, which in the last few hours has gone from controlling 5.007% of the share capital to holding only a 1.965% stake, as confirmed by ARA from market sources.<\/p>\n<p>                    <a href=\"\" class=\"ara-button secondary rounded empty body-paragragh--paywall__cta\"><br \/>\n                Read it all<br \/>\n            <\/a>\n            <\/p>\n<p>\n        This decrease comes after a historic link between the financial entity and the telecom operator that began in 1997, when BBVA and Argentaria had not yet merged and took advantage of the privatization by Jos\u00e9 Mar\u00eda Aznar of Telef\u00f3nica to buy 5%. BBVA sources indicate that the relationship between both companies continues to be &#8220;magnificent&#8221; and that they continue to &#8220;collaborate&#8221; on many projects. Telef\u00f3nica, for its part, has limited itself to conveying &#8220;maximum respect&#8221; for the decisions of its shareholders.<\/p>\n<p>\n        For some time now, the bank chaired by Carlos Torres has classified Telef\u00f3nica as a non-strategic holding and put up the &#8220;for sale&#8221; sign, which is why the decision to divest 3% of the share capital has not generated surprises in the telecom company. In fact, it was a matter of time. Therefore, the operation responds &#8220;exclusively&#8221; to financial criteria, indicate bank sources, and to &#8220;portfolio management&#8221;. This path began to be outlined in 2023 and had the bank&#8217;s exit from Telef\u00f3nica&#8217;s board of directors as a turning point.<\/p>\n<p>\n        One of the most significant moments in the relationship between BBVA and Telef\u00f3nica was in the year 2000, when under Juan Villalonga&#8217;s presidency of the telecom company, the financial entity acquired 10% of the share capital. Since 2017, it had remained stable at 5%. In any case, those who today form the reference shareholding core in Telef\u00f3nica are SEPI (10%), Criteria (10%), and the Saudi group STC (9.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"You might be interested in Possible betrayal of Raphinha: his father would have swindled him out of a&hellip;\n","protected":false},"author":2,"featured_media":48759,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[21589,21590,2068,5082,21588,1152,155,582],"class_list":["post-48758","post","type-post","status-publish","format-standard","has-post-thumbnail","category-telefonica","tag-core","tag-diluted","tag-in","tag-is","tag-shareholder","tag-spanish","tag-telefonica","tag-the"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/48758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/comments?post=48758"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/48758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media\/48759"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media?parent=48758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/categories?post=48758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/tags?post=48758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}