Spain approves Saudi Arabia’s stakebuilding in Telefónica ...Kuwait

The Spanish government has approved Saudi Arabia’s STC Group to increase its stake in Telefónica to 9.97 percent, following a year-long process of negotiations and regulatory scrutiny. On Thursday, Spain’s Economy Minister Carlos Cuerpo confirmed that the Council of Ministers had authorised the move, allowing STC to raise its voting rights from 4.97 percent and appoint a representative to Telefónica’s board. The decision came after a battle for influence in Telefónica, a company deeply embedded in Spain’s national security and telecoms infrastructure. STC, majority-owned by Saudi Arabia's sovereign wealth fund, has been attracted to the Spanish company due to the stra

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