Sunny day in Piazza Affari for the Telecom Italia stock, which in mid-morning gains about four points, scoring the best increase in the Ftse Mib. The telecommunications sector is on the fences throughout Europe, with the market taking advantage of the rumors reported by the newspaper "El Mundo", according to which the American giant AT&T presented a 70 billion euro offer for the Spanish Telefonica (shareholder of Telecom Italia). The proposal was allegedly rejected by the Iberian government, which considers the telecommunications group a strategic asset for the national economy.
This morning the Spanish giant denied the newspaper's reconstruction, but the title is still traveling up 2% on the Madrid Stock Exchange. The sector earns a total of 1,55%: good too Vodafone in London (+1,44%) and France Telecom in Paris (+2,9%).
According to El Mundo, AT&T's offer would have been equal to 70 billion euros, excluding the assumption of the Spanish company's 52 billion debts, equal to a 30% premium compared to share prices. It seems that a representative of the US group has informed the Spanish government, which would have decided to put a stop to the operation last week. AT&T would then have decided to withdraw the offer.
