Telefonica (TEF) is planning to increase investments in the defense sector as European countries are being pushed to increase their defense spending, Bloomberg reported Thursday, citing Chairman Marc Murtra.
"We do not make public how much we have in defense and security, but it's little, or too little, in my view," Murtra reportedly said during a hearing in Spain's Congress of Deputies. "It will be a line of work we'll prioritize and invest in to support Spain's defense policies."
Telefonica did not immediately respond to MT Newswires' request for comment.
Shares of the company were up 1.2% in recent trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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