AT&T, it has been rumoured, was preparing a $122 billion takeover bid for Telefonica, of which about $52 billion would have been debt and liabilities.
Telefonica, meanwhile, has issued an official report saying it was unaware of any takeover bid being planned. It continues to reorganise its international arms, having recently disposed of operations in Germany and Eire.
However, Telefonica shares continue to rise as people pile in ahead of any possible hostile takeover by AT&T,. As a shareholder who bought when they were low, it works for me!