Elliott Management denies Telefonica interest

17 Dec 2018

New York-based ‘activist investor’ Elliott Management has denied reports linking it with a takeover of Spanish telecoms giant Telefonica, El Espanol reports – citing a statement from a company official. Local press reports had previously suggested that Elliott had been considering building up a stake for several months – its interest piqued by the debt-wracked telco’s low share price.

The company – which is owned by US billionaire Paul Singer – is already well known in the European telecoms sector as a result of its ongoing battle for control of Telecom Italia. Elliott won control of the Italian firm’s board in May this year and has remained at loggerheads with French co-owner Vivendi ever since, as it seeks to increase shareholder value by imposing changes in the telco’s corporate policy.

Spain, Elliott Management, Telefonica