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AT&T Eying Up Overseas Acquisitions

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Although Telefonica denied it earlier this week, the reports that AT&T had mulled a takeover bid for the company wont go away.

AT&T explored potential deals in the last two months including buying part of Telefonica or some of its foreign assets, three people familiar with the situation have now told the Bloomberg News agency.

They also confirmed earlier reports that AT&T approached the Spanish government but was rebuffed. The had reportedly offered to buy just under 30% of the whole company, or offered to buy either the UK or Latin American subsidiaries.

The company is also a 9 percent shareholder in America Movil, and there are concerns that Latin American regulators would be wary of AT&T owning sizeable stakes in two companies that compete the regional markets.

AT&T was also said to have looked at a bid for the UK based EE, a joint venture between France's Orange and Deutsche Telekom. The two parent shareholders have previously indicated that they might sell part or all of their stakes, but had been thought to favour a stock market listing.

AT&T has been looking at overseas acquisitions as the potential for growth within its home market through buying up smaller rivals dries up. The company was even recently rumoured to be planning a joint bid with Verizon to buy Vodafone, although that was denied by all parties.

On the web: Bloomberg News

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Tags: telefonica  at&t  Spain  USA