Morgan Stanley, holder of STC's shares in Telefónica, reduces its stake from 13% to 8.3%

The Corner The adjustment in the reported stake by the US firm is due to the expiration of a portion of the financial derivatives used to hedge STC’s position in Telefónica. US investment bank Morgan Stanley has reduced its stake in Telefónica to 8%, a move that places the current value of its position at €1.726 billion, according to filings with the Spanish National Securities Market Commission (CNMV). Specifically, the entity’s holding...