By Adria Calatayud


Spain's state holding company SEPI said it is seeking a seat on Telefonica's board after it raised its stake in the telecommunications group above 7%.

SEPI said Wednesday that it requested the appointment of Carlos Ocana Orbis to Telefonica's board to represent the holding company's interest.

The Spanish state holding company said it continued to build its stake in Telefonica and that it exceeded the 7% level as of May 3.

The Spanish government in December said it would buy, through SEPI, a stake of up to 10% in Telefonica, saying it is a strategic company for the country in telecommunications, security and defense.


Write to Adria Calatayud at adria.calatayud@wsj.com


(END) Dow Jones Newswires

05-08-24 0236ET