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Search resuls for: "Spain's Defence Ministry"


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Caixabank to look at how Telefonica and STC can cooperate
  + stars: | 2023-10-27 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Violeta Santos Moura/File Photo Acquire Licensing RightsMADRID, Oct 27 (Reuters) - Spain's Caixabank (CABK.MC), a major shareholder in Telefonica (TEF.MC), will analyse with the telecoms group any potential cooperation with STC after the Saudi telecoms firm's recent investment in Telefonica, the bank's CEO said on Friday. Caixabank has a 3.5% stake in Telefonica and a seat on its board. "Very particularly, we have to see what possibilities (Telefonica) has to cooperate with this great company, due to its size and relevance, which is STC," Gortazar said, adding Caixabank would seek to express its views on the matter at board-level discussions. As Telefonica is considered a defence service provider, Spain's Defence Ministry has a say in acquisitions and holdings between 5% and 10%, unless the buyer commits not to request a seat on the board. STC, which has yet to request authorisation from the Spanish government to exercise voting rights corresponding to the financial instruments, has said it does not intend to acquire control or a majority stake in Telefonica.
Persons: Violeta Santos Moura, Gonzalo Gortazar, Caixabank, Gortazar, Jesús, Andrei Khalip, Mark Potter Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, Saudi, STC Group, Spain's Defence Ministry, STC, Thomson Locations: Madrid, Spain, Rights MADRID, Saudi
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