Spain mulls block on STC’s Telefonica buy

The Spanish government is at sixes and sevens over Saudi Telecom’s proposed acquisition of a 9.9% stake in Telefonica.
There has been vocal opposition to the move since Saudi Telecom, better known as STC, shared its decision to spend €2.1 billion to become the Spanish incumbent’s largest shareholder last week, including from one of the country’s leading government officials. Spain has the power to block the move, but deciding whether to exercise that power will be a tricky