Saudi Telecom takes nearly 10% stake in Spain’s Telefonica


By Adria Calatayud

Saudi Telecom Co. has taken a 9.9% stake in Telefonica, but doesn’t have an intention a to buy controlling interest in the Spanish telecommunications group, the companies said late Tuesday.

Telefonica said STC built its stake through a direct acquisition of a 4.9% interest in the company and through financial instruments…

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