Telefonica Discount to U.S. Has AT&T Stalking Europe: Real M&A

AT&T Inc. Chief Executive Officer Randall Stephenson can see diamonds in Europe’s rough.

Stephenson and his top lieutenants are drawing up a takeover wish list of wireless carriers in Europe, from giants Telefonica SA and Vodafone Group Plc’s assets to U.K. mobile-phone venture EE, according to people familiar with the company’s plans, betting AT&T can win customers and increase profits by rolling out faster, fourth-generation networks.