Monday is often the day for deals and rumors, and a doozy in the telecom market quickly made the rounds. Depending upon which reports you believe, AT&T (NYSE:T) either made a bid for Telefonica (NYSE:TEF) and was rebuffed by the Spanish government, or no such approach was ever made. In either case, it is not altogether surprising that AT&T would be entertaining global ambitions, and Telefonica is certainly a business that could be worth quite a bit more if cleaned up and improved. By the same token, this is not the only potential asset that could appeal to AT&T.
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Investopedia: Does AT&T Have Global Ambitions?
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