Deals
Telefonica Climbs After Report on AT&T Approach
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Telefonica SA, Spain’s biggest phone company, rose the most in three months in Madrid trading after newspaper El Mundo reported that AT&T Inc. made a takeover approach that was rejected by the country’s government.
Telefonica shares rose as much as 3.9 percent to 10.42 euros, the most since March 14. The stock gained 2.6 percent at 11:06 a.m. in Madrid, valuing the company at 46.9 billion euros ($62.6 billion). It was the biggest gainer on the benchmark IBEX 35 index today.