Montero says that the Treasury will continue transferring financing to SEPI to buy up to 10% of Telefónica

MADRID, 27 Mar. (EUROPA PRESS) -

The first vice president of the Government and Minister of Finance, María Jesús Montero, stated this Wednesday that the Ministry of Finance has given "priority" to financing to acquire up to 10% of Telefónica, having made a transfer to the State Participation Company. Industriales (SEPI) for the purchase of 3% of the capital of the operation announced last Monday.

"We have made the transfer to the SEPI and we will continue to do so even with the extended budgets," Montero confirmed in statements to RNE reported by Europa Press.

The first vice president recalled that SEPI has authorization from the Council of Ministers to reach up to 10% of Telefónica and stressed that the percentages of participation will be communicated, as was done on Monday with the purchase of 3%.

"Telefónica is a strategic company in our country, it is a listed company and, therefore, there is no need to cause any type of information turbulence that could really cause some type of variation in the price," said Montero.

The minister highlighted that the fact that the Spanish operator's shares rose above 4 euros on the stock market yesterday confirms that investors "have seen SEPI's entry into Telefónica very favorably."

"After having clarified from the Government that we will continue until we complete 10%, there was a rebound in the share price. Therefore, we are going in the right direction," added Montero.

The first vice president has insisted that Telefónica "is a very important company" for Spain and has highlighted that the Government's objective is to "strengthen its strategic capabilities so that it can be on par with its German and French competitors", countries in those whose governments "have been participating for some time through different instruments within the shareholding of hegemonic companies."