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Vodafone and MasMovil deny holding tie-up talks in Spain

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Vodafone and MasMovil deny holding tie-up talks in Spain
FILE PHOTO: Branding hangs outside a Vodafone shop in Oxford, Britain, May 16, 2017. REUTERS/Toby Melville/File Photo   -   Copyright  Toby Melville(Reuters)
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MADRID (Reuters) – Both Vodafone <VOD.L> and MasMovil <MASM.MC> denied a report by the El Confidencial news website saying the Spanish mobile operator was working with Goldman Sachs to buy the British telecom’s business in Spain for 6 billion euros ($6.67 billion).

MasMovil and Goldman Sachs have held talks with the world’s second largest mobile operator regarding its Spanish business, the Spanish website reported citing unnamed sources close to the talks.

Consultancy firm McKinsey was also involved and in charge of a strategic plan which estimated synergies worth 2 billion euros, it said.

“MasMovil is not working on a process to buy, merge or create a joint venture with Vodafone Spain,” a MasMovil spokesman said.

A Vodafone spokesman said: “There is no truth whatsoever in speculation that Vodafone is in talks with MasMovil.”

Vodafone has a market value of about 50 billion euros while MasMovil is worth 2.95 billion euros, Refinitiv data showed.

($1 = 0.8988 euros)

(Reporting by Andres Gonzalez and Paul Sandle, writing by Jose Elías Rodríguez; editing by Jason Neely)

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