PUBLISHED : 20 Dec 2023 at 09: 17
The Spanish government’s stake in Telefonica will balance out a similar stake taken by Saudi Telecom (STC). (Photo: AFP)
MADRID – Spain said Tuesday it will acquire 10 percent of local telecoms giant Telefonica, just months after Saudi Telecom took a significant stake in the operator.
Spain’s government said the acquisition will make it the “reference public shareholder” in Telefonica, and justified the move on the grounds that the company is “a leader in the telecommunications sector and of key importance in other strategic areas.”
The government also said that Telefonica’s activities were important for Spain’s national security and defe
Read More