The Minister of Defense of the Government of Spain, Margarita Robles, He pointed out that any movement of the Saudi STC Teleco company derived from its participation in the capital of Telefónica will always be under respect for national security. “There is an agreement and some very clear rules” for which “in no case can national security be affected,” oaks have emphasized in an interview with Televisión Spanish (TVE).
STC has communicated to the stock market regulator that already has control of 9.97% of Telefónica and plans to negotiate its incorporation into the Board of Directors of the Spanish Teleco. In his communication the Saudi group also states that “Although there is currently no intention to do so,” The Saudi group may “start conversations”, “without any limitation”, with the telephone council or with members of its management team “On possible business combinations and strategic alternativesbusiness, operations, capital structure, governance, management, strategy or other issues. “
Robles has insisted that To give green light to the incorporation of Saudí Telecom The capital of Telefónica was attended by the Ministry of Defense, which acted “with great prudence and much discretion.” “Telefónica is key to the communication services of our Armed Forces and absolutely affects the National Defense. That is why an agreement” between the parties was signed, explained the minister.
Thanks to that pact for the Council of Ministers to give the authorization to enter Saudi Telecom, he said, there are “very clear rules in which in no case can national security be affected.” “The priority will always be in the national defensel (…). That is untouchable. (…). Any movement that is made will always be within the framework regarding that agreement that was negotiated and agreed, “Robles said.
Telefónica’s main shareholders
In addition to 9.97% of Saudis, Telefónica have two other major shareholders: the State Society of Industrial Participations (SEPI), With 10% and criteria, which also has almost 10%. Fourth is the BBVA with 4.8%. Telefónica has been chaired since last Saturday by Marc Murtra, after the relief of José María Álvarez-Pallete in a Board of Directors convened by the latter as an urgency, in which It was approved to ask for its resignation.
This decision was announced to Pallete on Friday afternoon at a meeting in which his three major shareholders participated. The Saudi telecommunications company announced in September 2023 that it had bought A 9.9% participation of Telefónica for 2,100 million euros, UN 4.9% in the form of shares and 5% of financial instruments.
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