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Telefonica Denies Reports of $93 Billion Takeover Bid from AT&T

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Spain's Telefonica has denied reports that USA based AT&T had made a USD93 billion offer to buy the indebted company.

Reports in the local El Mundo newspaper claimed that the deal had been blocked by the Spanish government on grounds that the company is strategic to the national economy.

The newspaper said that AT&T had approached the government seeking clearance for the deal, which would have included taking on Telefonica's EUR52 billion of debt, but the government blocked the deal.

Denying the report, a company statement said: "There has been no approach nor any expression of interest, in writing or verbally."

The deal would have made AT&T the world's largest telecoms operator in terms of market capitalisation.

AT&T has long been known to be seeking overseas acquisitions, and was recently rumoured to be planning a joint bid with Verizon to buy Vodafone.

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Tags: telefonica  at&t  Spain