Spanish Minister Opposes Saudi Stake in "Telefónica"

Spanish Minister of Labor Yolanda Díaz requested the interim government on Friday to prevent Saudi Telecom Company (STC) from acquiring a 9.9 percent stake in Telefónica, marking the first indication of opposition to the deal within the ruling coalition. Díaz belongs to the smaller bloc in the interim government led by the socialists, and she also serves as Deputy Prime Minister. She stated to reporters in Rome, "My opinion is that we cannot allow this process to continue." She added, "I will certainly work to ensure that this process does not go ahead," highlighting the strategic importance of Telefónica as a data transmission operator. She mentioned that she conveyed her position to Economy Minister Nadia Calviño, who is also a Deputy Prime Minister.