Morgan Stanley confirms Telefónica stake
SEPTEMBER 12, 2023 12.03 EUROPE/LONDON BY CHRIS DZIADUL

Morgan Stanley has informed Spain’s National Securities Market Commission (CNMV) that its stake in Telefónica now stands at 12.178%.

Cinco Dias reports that this includes the 9.9% it has acquired in recent months on behalf of the Saudi telco stc, with 2.278% being its own share in Telefónica.

It adds that the stake acquired for stc is in the form of a derivative. This is a put/call option, with a conversion period between March 5, 2026 and September 5, 2028.

Quoting market sources, Cinco Dias says that in February stc commissioned Morgan Stanley to acquire shares in Telefónica without the knowledge of the latter’s board, with the objective of reaching 9.9%.