José María Álvarez-Pallete is one of the most admired business executives in Spain. Always well turned out and with impeccable manners, he manages to convey a tone that is simultaneously serious and hard-working, yet approachable. Despite rising to the top job at Telefónica, the most prominent company in the country, he had accumulated very few enemies. Sometimes, though, one is enough. Life became more complicated for Álvarez-Pallete in December 2023, when Spain’s economic ministry revealed plans to purchase a stake in the €25 billion telecoms giant. Through a state holding company, the Spanish government acquired a 3 per cent share…

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