Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking a piece of a company that Madrid considers strategically important.
Saudi Telecom announced in September it had paid 2.1 billion euros for a 9.9 percent share in Telefonica, causing concern in Madrid.. Photo: JAVIER SORIANO / AFP/Filehas acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking a piece of a company that Madrid considers strategically important.
At the time, the government of Socialist Prime Minister Pedro Sanchez said it was to safeguard the firm's"strategic capacities and essential importance" to Spain. In September, Saudi Telecom said it had paid 2.1 billion euros for a 9.9 percent share in Telefonica, causing concern in Madrid, which only learned of the transaction at the last minute.STC, which is majority-owned by Saudi's PIF sovereign wealth fund, insisted at the time it did"not intend to acquire control or a majority stake" in Telefonica, which has a strong presence in Latin America and Britain.
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