Telefónica, KPN deny report on USD24 billion takeover bid

3 Oct 2005

European telcos Telefónica of Spain and Royal KPN of the Netherlands have moved quickly to deny a report in the Wall Street Journal that the former is preparing to table a USD24 billion (EUR20 billion) bid for the Dutch incumbent. Citing unnamed sources familiar with the situation, the newspaper reported on its website that officials from Telefónica had contacted their counterparts at KPN to initiate talks. However a spokesman for the Spanish giant, who declined to be identified, says there has been no contact with KPN regarding a takeover.

Netherlands, Spain, KPN, Telefonica