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

STC +0.60%

STC

7010.SA

41.65

+0.60%

- 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;))

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