The Spanish government will investigate Saudi Arabian telecom group STC’s 9.9% stake purchase in telecom giant Telefónica, Spain’s Vice-President and Finance Minister Nadia Calviño told the press in Brussels. “Telefónica is clearly a strategic company for our country, and the government will apply all the necessary mechanisms, always with the defence of Spain’s strategic interests at the forefront of our minds”, Calviño said. “Spain must ensure decision-making in companies such as Telefónica, guardians of sensitive data”, Spain’s Vice-President and Labour Minister Yolanda Díaz said on X. “Better regulation and protection are needed to avoid takeover bids,” and “we must protect our digital future”, he added. The company contacted the government the day before the buyout and “conveyed the friendly nature of the operation”, Calviño said.
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