Telefonica Stock Is Falling Wednesday - Here's Why?
Portfolio Pulse from Anusuya Lahiri
Telefonica SA's stock is trading lower after Saudi Telecom Co Group acquired a 9.9% stake in the company. The Spanish government may scrutinize this move as Telefonica is considered a company of strategic importance. Saudi Telecom does not plan to gain control or take on a majority stake in Telefonica. This is Saudi Telecom's second venture into Europe in 2023.
September 06, 2023 | 4:30 pm
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Telefonica's stock price is falling due to Saudi Telecom's acquisition of a 9.9% stake. The Spanish government may scrutinize this move, potentially causing further uncertainty for the stock.
The acquisition of a significant stake by Saudi Telecom has led to a drop in Telefonica's stock price. The potential for Spanish government scrutiny adds an element of uncertainty, which can negatively impact stock prices.
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