Saudi Telecom becomes Telefónica’s largest shareholder after buying 9.9% stake for €2.1 billion
STC Group, the leading Saudi Arabian investor, has acquired a 9.9% stake in Telefónica for a total of 2.1 billion euros, it said in a statement on Tuesday. The first telecommunications company in Saudi Arabia has stated that it has no intention of “taking control” of the company headed by José María Álvarez-Pallete, among other reasons because it requires the cooperation of the Spanish government to do so. The dividend…






