Spanish lender BBVA BME:BBVA has reduced its stake in telecoms giant Telefonica BME:TEF to 1.965% from a previous holding of 5%, official data from the Spanish stock market supervisor showed on Wednesday.
BBVA, which has had its Telefonica shares listed as available for sale - and therefore as a financial asset - since 1997, did not disclose the aumount of the transaction.
Also, BBVA did not announce when the stake was sold.
The latest data from the supervisor showing a 5.007% stake in Telefonica was published in June last year.
According to Tuesday closing market prices, a 1.965% stake in Telefonica was worth around €391 million ($446 million).
BBVA, which gave up its seat on Telefonica's board last February, will continue working together on the many projects both entities have in common, a spokesperson for the Spanish lender said.
($1 = 0.8777 euros)