The Government's communication strategy for the acquisition of Telefónica surprised. Instead of opting for the most absolute discretion as the Saudis did, the Government announced the intervention of the SEPI. “With the market open in New York. I could'nt believe it". “This is like shooting yourself in the foot.” With these and similar expressions on Tuesday, stock market managers received the news of the State's entry into Telefónica.
The Spanish Government's procedure was far from usual practices in stock market communications. “If you tell the market that you commit to buying something, you are telling it that there will be more demand and that immediately attracts other buyers because they know that the price of the share will rise,” these operators explain. That was why Saudi STC built its position stealthily for almost half a year.
The reaction was immediate. Because even though the Spanish stock market was closed, Telefónica shares were in full trading on Wall Street. An increase in value that was also recorded yesterday in the Spanish stock market. The stock rose up to 7% throughout the morning to close with an increase of 3.20%, to 3.68 euros. In 24 hours, Telefónica has gone from having a stock market value of 20,510 million to 21,130, that is 620 million more.
That is to say, if at the time of announcing the operation the cost of acquiring 10% of Telefónica was going to involve the State disbursing some 2,050 million euros at the time of the announcement, in just 24 hours your bill would have become more expensive. about 63 million euros. The amount may vary depending on the times in which the SEPI makes its purchases, but “it has already marked a floor at the time of communication,” and it is 3.2% higher, at least.”
A cost that the public treasury assumes to control the impact of the landing of the Saudi STC fund in “the most important strategic company,” according to what the First Vice President and Minister of Economy, Nadia Calviño, said yesterday. Spain is thus placed in line with the main states of the European Union, Germany and France, Italy, which have 30.46%, 23% and 9.81% of their respective telecommunications companies, with direct state participation. or indirect.
In addition, SEPI will seek to reinforce the hard core of the company's Spanish shareholders, that is, join that 10% to the 4.8% that BBVA has and the 4.8% of CaixaBank and Criteria Caixa (the latter controls 2. 53%, as declared by the holding company of the La Caixa group on its website), according to the data collected by the CNMV.
While the stock noise agitated the market, Telefónica sat down again yesterday with the unions to negotiate the conditions of the ERE and the collective agreement with the aim of making maximum progress in the negotiations. He got it. The unions spoke yesterday of an important rapprochement of positions after the company agreed to reduce, for the second time, the total number of employees affected to 3,559 employees, 400 less than the last offer that was on the table and 1,565 less than in its first proposal. .
At the meeting, which was held 24 hours after the State announced the entry into capital, the company also accepted an improvement in economic conditions. In this way, employees born in 1968 will receive an income of 65% of the regulatory salary until age 63 (compared to 63% in the previous proposal) and 34% until age 65 (32% in the previous offer). For those born in 1967, 1966 or 1965, 60% of the regulatory salary until age 63 (58% in the previous proposal) and 32% until age 65 (the same percentage as in the previous offer), which is adds a voluntary bonus of 3,000 euros.
For workers born in 1964 or in previous years, it offers an income of 50% of the regulatory salary until age 63 and 32% until age 65 (without changes in both cases), to which it has also added a voluntary premium. of 3,000 euros.
It is progress in the conversations that the unions value positively, but which they still consider insufficient. They have asked for “one last effort” to reduce the impact and improve the conditions offered in “in order to achieve maximum voluntariness” of the departures. Negotiations between Telefónica and the unions will continue today.
