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(Bloomberg) The Spanish government plans to buy a stake in Telefonica SA worth as much as $2.2 billion, a bid to safeguard one of the nation’s most strategic assets as Saudi Arabia builds up its own position in the company.Most Read from BloombergApple Races to Tweak Software Ahead of Looming US Watch BanTrump Barred From Colorado Ballot in Unprecedented RulingApple to Halt US Sales of Smartwatches After Patent LossWhat If Putin Wins? US Allies Fear Defeat as Ukraine Aid StallsThe Hedge Fund
By Adria Calatayud Telefonica shares rose after Spain's state holding company said it would buy up to 10% of the telecommunications company, three months.
Shares in Telefonica rallied on Wednesday after the Spanish government said it would buy a stake of up to 10% in the country's telecommunications giant,.
1241 GMT - Telefonica is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the Spanish government ordered the state-holding company SEPI.