Telefonica Denies Talk of a AT&T Takeover Bid

Telefónica says that it has not received "any approach, nor any indication of interest, neither verbal nor in written form, from any party."

The reported $93 billion (70 billion euros) acquisition effort by AT&T was said by one report to have been blocked by Spanish legislators.

Reports such as that of an AT&T bid for Telefónica can happen for all sorts of reasons, sometimes essentially as trial balloons by would-be dealmakers, sometimes only because firms engage in "what if" exercises.

Still, the rumors come as a merger wave is thought to be coming, in the European Union.