Telefónica soars 7% on the stock market after the Government announced that it will acquire a majority position in the company

The emergence of the State in Telefónica with the announcement of the purchase of up to 10% of the company by the State Society of Industrial Participations (SEPI), received with increases in the stock market, will allow the creation of a hard Spanish core in the operator after the entry into its shareholding of the Saudi STC.

The Executive was clear. Since the telecommunications company Saudi Telecom (STC) Group announced that it had acquired a 9.9% stake in Telefónica for 2.1 billion euros, the Government had reiterated that it would apply all necessary mechanisms to defend the company's interests.. And he has complied.

With a movement that had been analyzed since October, the Council of Ministers this Tuesday authorized SEPI to buy up to 10% of the firm's capital, which could make the State its largest shareholder and represents its return to ownership for 26 years. after.

News that the markets have received on the rise. Since then, the company has declined to comment.