Spain Raises Stake in Telefonica to 5% to Surpass Saudi Holding [BNN Bloomberg (Canada)]
Telefonica SA (TEF)
Last telefonica sa earnings: 2/23 04:01 pm
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Source: BNN Bloomberg
the national telecommunications company's largest shareholder — overtaking Saudi Telecom Co. State investment firm Sepi increased its stake to 5% from 3% on March 25, according to a regulatory filing. The 5% holding is valued at about €1.1 billion ($1.2 billion) as of Monday's closing price. Read More: Spain Buys Stake in Telefonica to Counter Saudi Arabia Deal The government aims to buy as much as 10% of Telefonica's shares as soon as possible, which would leave it a step ahead of the Saudi state-backed telecom's plan to take a 9.9% stake. The taxpayer-funded purchase is part of Spain's plan to keep control over a strategic company whose operations stretch across Europe and throughout Latin America, and also provides services to the military and defense ministry. STC, which is backed by the kingdom's Public Investment Fund, surprised the market in September when it made a €2.1 billion investment in the Madrid-based company. STC owns 4.9% of Telefonica's shares and has financi
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