Spain’s Top Financial Holding Company to Boost Telefonica Stake
- CEO Simon has been tasked with increasing stake to 10% from 5%
- Move comes as STC, Sepi build own stakes in the carrier
Criteria has been buying Telefonica shares over the past year as CaixaBank SA reduced its own stake in the carrier.
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CriteriaCaixa SA, Spain’s biggest financial holding company, is seeking to increase its stake in Telefonica SA to 10%, matching the Spanish government’s position.
Criteria is seeking to raise its stake from its current 5% as part of newly appointed Chief Executive Officer Angel Simon’s strategy to expand industrial holdings, website El Confidencial reported. The news was confirmed by a Criteria official.