Telefonica shrugs off claims of EUR70bn bid from AT&T

17 Jun 2013

Spanish telecoms giant Telefonica has refuted claims that it had received an indication of interest from US-based AT&T Inc, according to Reuters. The proclamation comes after a local press report said that the Spanish government had blocked an offer from AT&T for Telefonica valued at around EUR70 billion (USD93 billion), with El Mundo citing sources with knowledge of the deal as suggesting that the state stopped the sale after it was informed about the acquisition plans by an AT&T representative. With the Spanish government having mechanisms to block the sale of any company deemed strategic to the national economy, the halting of the bid was said to have come after the matter was debated by the ministries of the economy and industry, as well as in Prime Minister Mariano Rajoy’s office. In response to the bid rumours, however, a spokesman for Telefonica has sought to end speculation, with a company spokesman quoted as saying: ‘Telefonica has not received any approach or spoken or written indication of interest.’

Spain, AT&T, Telefonica