Telefonica's shares soar after Spanish government unveils plan to buy stake

Telefonica's shares soared after the Spanish government announced it would buy a stake of up to 10% in the company to counterbalance Saudi Arabia's STC. State holding company SEPI will acquire the shares gradually over two months. The move is in response to STC's acquisition of a 9.9% stake in Telefonica. The government's presence in Telefonica will reinforce ownership stability, similar to other large telecom companies in neighboring countries. https://ift.tt/p3usj5q