Editorial: El Mundo

• The Spanish government announced a reintroduction of the state in Telefonica to reach 10% shareholding.
• The announcement is a response to possible interest of STC, owned by the Saudi sovereign fund, to acquire 9.9% of the Spanish company.
• The government of Pedro Sanchez has been criticized for the lack of transparency and rush in entering Telefonica's shareholding.
• There is concern that Sanchez might place an ally in Telefonica's board instead of opting for a higher prestige profile.
• The editorial suggests that the government should focus on changing EU regulations that limit Telefonica's growth and ensure fair competition against tech giants.

Conclusion: It is essential that in cases of state intervention in private companies, transparency is maintained and professional management is respected, avoiding practices that can be perceived as colonial and that the market could punish.

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