Telefonica's shares soar after Spanish government unveils plan to buy stake
Wednesday, 20 December 2023
Telefonica's shares soared after the Spanish government announced it would buy a stake of up to 10% in the company to counterbalance Saudi Arabia's STC. State holding company SEPI will acquire the shares gradually over two months. The move is in response to STC's acquisition of a 9.9% stake in Telefonica. The government's presence in Telefonica will reinforce ownership stability, similar to other large telecom companies in neighboring countries.
Telefonica's shares soared after the Spanish government announced it would buy a stake of up to 10% in the company to counterbalance Saudi Arabia's STC. State holding company SEPI will acquire the shares gradually over two months. The move is in response to STC's acquisition of a 9.9% stake in Telefonica. The government's presence in Telefonica will reinforce ownership stability, similar to other large telecom companies in neighboring countries.
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