NEWS Shares in Spanish telco Telefonica rose sharply today on news that it is in merger talks with Dutch company KPN. Prices rose seven and eight per cent on the Paris and Frankfurt bourses respectively on mid-morning trading after Telefonica confirmed it was in discussions with KPN over a tie up - a move which would let them to compete on the global stage with the likes of Vodafone and MCI WorldCom, and raise money to bid for expensive 3G mobile licences. KPN confirmed it is discussion with a number of companies over possible joint ventures.
Telefonica shares jump on back of KPN rumours
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