The entry of Saudi Telecom into the Spanish Telefónica opens a derivative that directly involves the Government of Pedro Sánchez, since the telecom is a strategic company and the entry of STC implies that the Executive authorizes the operation. However, the acting President of the Government, Pedro Sánchez, who will coincide with the Saudi Arabian delegation at the G20 this weekend, does not plan to ask for explanations for the operation in which the Saudi company has acquired 9.9 % of Telefónica.
This has been reported by government sources, who have confirmed that Moncloa was notified last night that Saudi Telecom was becoming the largest shareholder of Telefónica, for an amount of 2.1 billion euros.
The Government maintains that since the events have occurred in the last few hours, no bilateral talks have been considered with the Saudi representation –predictably Crown Prince Mohamed bin Salman– although they have not ruled out the possibility of some greeting during the course of the event. summit.
On the other hand, sources have indicated that the Government is going to study the operation in detail in accordance with the powers attributed to it by the Foreign Investment Law and the modifications introduced by the recent ‘antiopas’ shield.
By virtue of the royal decree approved last July with which this shield is imposed, the Executive has to give permission to non-EU investors who intend to acquire more than 10% of a listed strategic company.
However, this threshold is lowered to 5% in the case of companies with interests in the field of national defense, a situation in which government sources have recognized that Telefónica could enter after the assault on the Saudi Arabian telecommunications company.
Requests for authorization will be addressed to the head of the General Directorate of Armaments and Materials of the Ministry of Defense and its resolution will correspond to the Council of Ministers at the proposal of the head of the Ministry of Defense and following a report from the Foreign Investment Board. The maximum period to resolve the request and notify the interested party of the resolution will be three months.
Saudi Telecom, largest shareholder of Telefónica
Following the operation announced this Tuesday night through a relevant event by the CNMV, the company Saudi Telecom (STC) takes over 9.9% of Telefónica’s shares, thus becoming the majority shareholder of the telecommunications company. Spanish. An operation estimated at 2.1 billion euros.
Telefónica shares have experienced strong increases this Wednesday in the Ibex35, becoming the value that rises the most in the Madrid stock market.
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