BT Refuses to Comment on Telefonica Bid Rumors

LONDON (03/20/2000) - British Telecommunications PLC (BT) today refused to comment on media speculation over the weekend that it would make a bid for Spanish telecom company Telefónica de España SA.

Calling the reports "merely market rumors and speculation," BT spokesman Simon Gordon declined further comment.

Similar rumors last year concerning Telefónica and German incumbent carrier Deutsche Telekom AG did not result in any merger agreements between the two companies. [See "Telefónica Denies Deutsche Telekom Merger Rumors," July 26, 1999.]Executives for Telefónica were not immediately available for comment.

BT, in London, can be reached at +44-207-356-5000 or at http://www.bt.com/.

Telefónica, based in Madrid, can be reached at +34-1-584-0844, or at http://www.telefonica.es/.

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