STC renounces upping stake in Spain's Telefonica to 9.9%

STC renounces upping stake in Spain's Telefonica to 9.9% - report

+0.61%

STC

7010.SA

41.25

+0.61%

MADRID, Oct 30 (Reuters) - Saudi telecoms group STC 7010.SE is seeking to keep its current 4.9% stake in Spain's Telefonica TEF.MC and no longer plans to convert the 5% it holds in derivatives into voting shares, El Economista newspaper reported on Monday, citing people familiar with the operation.

Telefonica and STC declined to comment on the report. The Spanish government also had no immediate comment.

(Reporting by David Latona, Belen Carreno, Jesus Aguado and Inti Landauro; Editing by Andrei Khalip)

((david.latona@thomsonreuters.com; +34 918 35 68 13;))

More This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.