The investment bank Morgan Stanley has communicated on Monday night to the records of the National Securities Market Commission (CNMV) its total participation in the capital of Telefónica, which amounts to 12.178%, and which includes 9.9 % that it has acquired in recent months on behalf of the Saudi operator STC, and 2.278% of the capital of its own portfolio. The communication occurs because the deadline for the bank to notify its participation ended precisely on the night of this Monday, the 11th.
The stake acquired for STC is in the form of a financial derivative, specifically a put/call option, with a conversion period between March 5, 2026 and March 5, 2028. In total, that 9.9% 569,295,356 voting rights correspond.
The communication from the investment bank follows the one made last Friday by the Saudi sovereign fund, Public Investment Fund (PIF), owner of 64% of the STC operator, to declare that it held a 9.9% stake in Telefónica, as recorded in the records of the National Securities Market Commission (CNMV). The firm detailed that this movement has been channeled through Green Bridge Investment, an investment vehicle based in Luxembourg, controlled entirely by STC and which is the owner of both the shares and the financial instruments contemplated in the operation.
Green Bridge Investment was established on May 21, according to the records, so the acquisition of shares in small packages so as not to alert the market that STC has been executing, through Morgan Stanley, has occurred at least long three and a half months. Thanks to this mechanism, the Saudi group was able to avoid the duty of notification when it reached the 3% of the capital required by Spanish regulations, since this notification limit to the CNMV is extended to 5% when it is the case of financial entities that They act as intermediaries for administration and custody of securities. Precisely, this duty of communication is what has allowed Morgan Stanley to surface its full participation.
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