Spain Raises Stake in Telefonica to 5% to Surpass Saudi Holding
- State holding firm previously held 3% stake in Spanish company
- Saudi Telecom plans to hold a 9.9% stake in Telefonica
State investment firm Sepi increased its stake to 5% from 3% on March 25.
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Spain’s government raised its stake in Telefonica SA to 5%, increasing its holding for the second time in three weeks and becoming the national telecommunications company’s largest shareholder — overtaking Saudi Telecom Co.
State investment firm Sepi increased its stake to 5% from 3% on March 25, according to a regulatory filing. The 5% holding is valued at about €1.1 billion ($1.2 billion) as of Monday’s closing price.