The Government confirms that it will request a seat on the Telefónica Board. The Executive formally needs 6.7% of the capital to join the Board, but Caixa and BBVA are represented with around 5%.
The entry could not occur on April 12 during the shareholders meeting, since Sepi did not arrive in time to add points to the agenda, but, with its current participation, it can request an extraordinary meeting. In fact, the Ministry of Finance approved the injection of 500 million euros to Sepi to face the acquisition of Tele fónica shares.