Spain Probes Saudi Telecom’s Investment in Telefonica
- Saudi Telecom plans to take a 10% stake in Spain’s Telefonica
- Prime Minister Sanchez spoke at a business event in Madrid
The Telefonica flagship store on Gran Via in central Madrid.
Photographer: Paul Hanna/BloombergThis article is for subscribers only.
Spain is analyzing Saudi Telecom Co.’s plan to become Telefonica SA’s largest shareholder, Prime Minister Pedro Sanchez said, balancing a welcome for foreign investment with being wary of “undue influence.”
“The government is analyzing the investment operation thoroughly,” Sanchez said on Friday at an event in Madrid. “We will guarantee that at all times national defense and security, understood in a broad sense, will be safeguarded. We also guarantee that any foreign investment will not exceed the limits that would involve undue influence over strategic companies or access to critical technologies.”