BUZZ-Telefonica up after report government eyes acquiring 5% stake with national investors
STC 7010.SA | 42.20 | -0.71% |
** Shares in Telefonica TEF.MC rise about 3% after a media report that the Spanish government is planning the acquisition of a 5% stake in the telecoms giant with national investors
** Spanish online newspaper El Confidencial reported that the government's plans come following the entry of Saudi Arabia's Saudi Telecom 7010.SE in the company
** Government spokesperson, Isabel Rodriguez, declined to comment El Confidencial's report; Telefonica had no immediate comment
** Saudi Arabia's STC Group has built up a 9.9% stake in Telefonica, it said last month
** If gains hold, the stock will see its best day since end-July, when it closed 3.6% higher
** Including today's rise the stock has gained 8% year-to-date
(Reporting by Tiago Brandao)
((Tiago.Brandao@thomsonreuters.com;))