SPAIN - Telefonica, the telecoms giant, has sold 11% of its pension fund manager, Fonditel, to two trade unions, reported Spanish newspaper, Expansion.
The CCOO and UGT unions have both acquired a 5.5% stake for e5m. They already hold 9.5% each.
The deal means that Telefonica has cut its slice in Fonditel to 70%.
But CCOO representative, Carlo Bravo, was quoted as saying that the increase does not represent a change in the pension fund manager’s strategy: “We exercised a buy option on the additional shares, but the management of Fonditel is still in the hands of Telefonica.”