Spain’s National Securities Market Commission (CNMV) has concluded that neither Saudi Arabia’s stc Group or its financial advisor Morgan Stanley acted illegally in acquiring a 9.9% stake in Telefónica.
Spanish government probing Telefónica sale
The Spanish government says it is analysing the acquisition of a 9.9% stake in the incumbent telco Telefónica to stc Group.
Saudi telco buys 9.9% of Telefónica
Saudi Arabia’s stc Group has acquired a 9.9% stake in Telefónica for €2.1 billion and is now the largest shareholder in the Spanish telco.