Zarzuela assures that the King was not informed by the Saudis of the purchase of 9.9% of Telefónica

MADRID, 7 Sep. (EUROPA PRESS) -

King Felipe VI was not informed in advance about the intentions of the Saudi company STC to acquire 9.9% of Telefónica, according to Zarzuela sources have transferred to Europa Press.

"In the Casa del Rey no communication has been received from the STC company informing of the Telefónica share purchase operation," the sources have stressed.

The Spanish Royal Family has traditionally maintained a good relationship with the Saudis, especially at the time when Juan Carlos I was on the throne. The Saudi crown prince, Mohamed bin Salmán, who is the one who holds power given the fragile state of health of his father, King Abdalá bin Abdelaziz, paid a visit to Spain in 2018 and then met with Felipe VI.

The news of the purchase by STC, with majority state capital, of 9.9% of Telefónica - becoming its main shareholder - was known late on Tuesday.

The Government acknowledged this Wednesday that it had been informed the day before. Government sources have indicated that the Executive will study the operation in detail in accordance with the powers attributed to it by the Foreign Investment Law and the modifications introduced by the recent 'antiopas' shield.

By virtue of the royal decree approved last July with which said shield is imposed, the Executive has to give permission to non-EU investors who intend to acquire more than 10% of a listed strategic company.

However, this threshold is lowered to 5% in the case of companies with interests in the field of national defense, an assumption in which government sources have recognized that Telefónica could enter.