Telefonica Is Said to Draw Up Plans for Liberty’s VMO2 Stake

Telefonica SA is drawing up plans for a deal that would allow it to take control of the UK joint venture it owns with Liberty Global Ltd., according to people familiar with the matter.

While Telefonica Chairman Marc Murtra has held talks with its advisers on the plans, they are in early stages and no formal steps have been taken so far, the people said, asking not to be identified because the deliberations are private. The business had previously been valued at as much as £31.4 billion ($41.9 billion).