BUZZ-Telefonica up after report government eyes acquiring 5% stake with national investors

-0.89%

STC

7010.SA

42.32

-0.89%

** 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;))

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