Antena 3 de Television SA climbed the most in four years in Madrid trading on speculation Spanish publisher Vocento SA (VOC) will buy a stake in the country's second- largest commercial television broadcaster.
``There's speculation around that Vocento is selling its stake in Telecinco to buy into Antena 3,'' said Jordi Padilla, head of equities at Atlas Capital in Madrid.
Vocento holds a 13 percent stake in Gestevision Telecinco SA, Spain's largest commercial television channel.
Antena 3 shares rose 74 cents, or 7.1 percent, the biggest gain since October 2003, to close at 11.13 euros in Madrid, were the company is based. Earlier they gained as much as 10 percent. Telecinco fell 0.8 percent to 17.73 euros.
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