{"id":2023169,"date":"2023-09-06T08:40:01","date_gmt":"2023-09-06T12:40:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/spain-scrutinising-saudi-stake-in-strategic-telefonica\/"},"modified":"2023-09-06T08:43:19","modified_gmt":"2023-09-06T12:43:19","slug":"spain-scrutinising-saudi-stake-in-strategic-telefonica","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/spain-scrutinising-saudi-stake-in-strategic-telefonica\/","title":{"rendered":"Spain is examining Saudi Arabia&#8217;s investment in Telefonica, considering its strategic implications."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fspain-scrutinising-saudi-stake-in-strategic-telefonica%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2023169&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Spain\u200d Scrutinizing Saudi Stake in Telefonica<\/h2>\n<p>By\u200d Emma Pinedo and Bel\u00e9n Carre\u00f1o<\/p>\n<p>MADRID (Reuters) \u2013 \u200dSpain \u200cis analysing Saudi \u2062Arabian group STC\u2019s\u200d purchase of a 9.9% stake in Telefonica to ensure its strategic\u200b interests are defended,\u2062 acting economy minister Nadia Calvino said\u200c on Wednesday, signalling a potential hurdle.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>STC had contacted\u200b the Spanish government on Tuesday to inform it of the deal, which would make STC the Spanish telecom\u2019s largest shareholder, Calvino said in Brussels. \u200b <\/p>\n<p>\u201cTelefonica\u2063 is a strategic company for \u2064our \u2062country and as government we\u200b will apply all \u200cthe mechanisms \u200bthat are necessary to\u200b prioritise the defence of our strategic interests,\u201d Calvino told reporters when asked about\u200b STC\u2019s move.<\/p>\n<p>STC is Saudi Arabia\u2019s largest telecoms \u2064operator and is\u200b 64% owned by Saudi Arabia\u2019s Public Investment Fund (PIF), the main engine of Crown Prince Mohammed bin Salman\u2019s \u2064Vision 2030 to wean the\u200c economy off its dependence on oil.<\/p>\n<p>In a bid\u2064 to protect companies\u200c whose value had plummeted since the COVID-19 \u200cpandemic from\u200c hostile takeovers, the Spanish government has had the power to block acquisitions \u2064of stakes of 10% or larger in listed companies by entities from\u2063 outside the European Union and European Free Trade\u2063 Association.<\/p>\n<p>Calvino said Madrid was analysing\u200d the application of the relevant defence mechanisms, the sector, its relation with Spain\u2019s security and\u200d defence \u200dof Spain, STC\u2019s shareholding, \u2064the\u2063 exercise of voting rights and the participation in the board or other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fifa-reverses-course-bans-russian-national-team-from-world-cup\/\" title=\"FIFA Reverses Course, Bans Russian National Team from World Cup\">decision-making bodies<\/a> of the \u200ccompany.<\/p>\n<p>\u201cFortunately, since we arrived in government we have\u2063 reinforced the mechanisms for protecting our strategic interests,\u201d Calvino added. <\/p>\n<p>The threshold at which the government can intervene was recently lowered \u200bto 5% \u200dfor companies related to defence.<\/p>\n<p>Telefonica is listed as \u2062a defence provider on government \u2063websites, supplying \u201csystems and \u2063equipment\u201d to the army and \u200bsatellite services to\u200d the defence ministry\u2019s aerospace arm.<\/p>\n<p>The government must ensure the decision-making\u2062 of a company that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/spain-scrutinising-saudi-stake-in-strategic-telefonica\/\" title=\"Spain is examining Saudi Arabia's investment in Telefonica, considering its strategic implications.\">handles sensitive \u2062data remains<\/a> in Spain, acting Labour Minister Yolanda Diaz said on social \u2063media platform X, formerly known as Twitter.<\/p>\n<p>STC said on Tuesday evening \u200cit had \u200cbuilt\u2063 up a 9.9% stake in Telefonica\u200c worth \u200d2.1 billion euros ($2.25 billion).<\/p>\n<p>Telefonica, whose shares were 2% up on \u200cWednesday on the Madrid stock exchange while\u2062 the \u200dblue-chip\u200c index Ibex-35 was down 0.4%, said it was informed of STC\u2019s investment on Tuesday, describing it as \u201cfriendly\u201d.<\/p>\n<p>STC\u2019s holding consists of \u20624.9% of \u2063Telefonica\u2019s shares and financial instruments that give it another \u20645% in so-called economic exposure to the company.<\/p>\n<p>STC said it\u200b plans to secure voting rights for that 5% interest held \u200dthrough financial instruments\u2062 after \u2064receiving regulatory approvals.<\/p>\n<\/p>\n<p>  (Reporting by Inti Landauro, Emma Pinedo and Belen Carreno; \u2064Editing \u200bby Jason Neely, Jan \u200cHarvey, Aislinn Laing and \u2064Alexander\u2062 Smith)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/spain-scrutinising-saudi-stake\/attachment\/file-photo-gsmas-2022-mobile-world-congress-in-barcelona\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Latest News:<\/h3>\n<p>Former Proud Boys Lead Enrique Tarrio is\u2062 sentenced, Biden masks up, Ken \u200bPaxton pleads not \u2062guilty and an American Hero \u2064gets the Medal of Honor.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>New Research\u2063 on Gun Crimes:<\/h3>\n<p>The president of the Crime Prevention Research Center Dr.\u200d John \u200cLott released new research showing that politics has infected\u2063 the reporting of gun crimes at the FBI and CDC<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Polling on Biden&#8217;s Presidential Campaign:<\/h3>\n<p>After \u200ba <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-polling-suggests-bidens-2024-run-is-in-danger\/\" title=\"Polling indicates Biden's 2024 campaign is at risk.\">busy weekend traveling<\/a>\u200d to praise what his administration considers to be big\u2064 wins in\u2062 the job sector, new polling suggests Biden\u2019s\u2062 2024 presidential campaign is in danger.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Elon Musk Threatens Lawsuit:<\/h3>\n<p>Elon Musk, the owner of X,\u2062 is threating to sue the Anti-Defamation League for accusing the platform of antisemitism and encouraging advertisers to pull money from X.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>US Department of Defense \u200bConsiders AI-powered Technology:<\/h3>\n<p>(Reuters) -The U.S department of\u2063 Defense is considering the development of a vast network of Artificial Intelligence-powered technology, drones and autonomous systems\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Apple Concerned About Privacy and Security Risks:<\/h3>\n<p>STOCKHOLM \u200b(Reuters) \u2013 Apple on Wednesday said it remained\u2064 concerned about privacy and security risks\u2063 it sees in the new \u200dEU Digital\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>China Orders Officials \u200cto Not Use Apple iPhones:<\/h3>\n<p>(Reuters) \u2064-China \u2064has ordered officials at central government agencies to not use Apple\u2019s iPhones and other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-techs-core-businesses-face-overhaul-under-eu-tech-rules\/\" title=\"EU tech rules to bring major changes to Big Tech's core businesses.\">foreign-branded devices<\/a> for work or bring\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>German Automakers\u200c Speed Up Transition to Electric Vehicles:<\/h3>\n<p>MUNICH (Reuters) \u200c\u2013 German automakers under heavy pressure\u200c from Chinese competition are speeding up their transition to electric\u200d vehicles, enabling partnerships with\u2026\u200b <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spain is reviewing STC&#8217;s acquisition of a 9.9% stake in Telefonica to safeguard its strategic interests, according to acting economy minister Nadia Calvino. STC&#8217;s communication with the Spanish government suggests a possible obstacle in the deal.<\/p>\n","protected":false},"author":66,"featured_media":2023170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2023169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2023169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2023169"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2023169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2023170"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2023169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2023169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2023169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}