Complicated share ownership in Spanish telecommunications company Telefonica

THE financial entity Criteria Caixa has purchased 50,000 shares in Telefonica for €220,000 which increased its shareholding in the telecommunications company to 1.23 per cent directly in its name.

Purchasing the shares at €4.40 each, the organisation reported the acquisition to the National Securities Market Commission (CNMV), not because of the total number of shares it holds directly but because Isidro Fainé is Chairman of Criteria Caixa and also Vice Chairman of Telefonica, which means that any movement in shares should be made public.

In addition to the direct 1.23 per cent held in Telefonica, Criteria Caixa owns 40 per cent of Caixabank, the financial institution also chaired by Fainé and which in turn controls 5.019 per cent of Telefonica.

Caixabank is Telefonica’s third largest shareholder after BBVA and the New York investment fund BlackRock.

Shares in Telefonica, like so many others, have been depressed in the current market but the company is still valued at in excess of €20 billion.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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