The world’s leading fund manager Blackrock has further reduced its stake in the Spanish incumbent Telefónica.
Quoting data produced by the National Securities Market Commission (CNMV), local reports say that it now stands at 4.989%, having most recently been 5.388%.
They add that as a result, Blackrock is now the third largest shareholder in the telco, behind BBVA (5.17%) and CaixaBank (5.01%).
It was briefly the largest shareholder, holding a stake of 6.63%, and at current market rates its investment in Telefónica amounts to around €1.9 billion.