Spanish Economy Minister Carlos Cuerbo said Thursday: “The procedures and conditions have been defined and accepted by the company Saudi Arabia voluntarily to ensure the implementation of the operation.”
He added that the government’s decision came after “a comprehensive analysis based not only on compliance with current legislation but also to ensure the national interest in defense and ensure the strategic element in communications.”
The minister did not provide any details about the specific conditions imposed by the government.
Last year, she said Saudi Telecom Company It aims to acquire a 9.9 percent stake in the Spanish telecommunications company at a value of about 2.4 billion euros ($2.53 billion), becoming a major shareholder.
The Saudi group explained at the time that it owned 4.9 percent in “Telefonica“And financial instruments that give it an additional five percent in what it described as economic exposure to the company.
The deal required the approval of the Spanish government because Telefonica is considered a company that provides defense services and is therefore a strategic company.
At the same time, the Spanish holding company Criteria, which controls Caixa Bank, the country’s largest lender with local assets, raised its stake to 9.99 percent.
The Saudi company said that it does not intend to control Telefonica or acquire a majority stake in it.
