Masmovil CEO Meinrad Spenger (pictured) dismissed speculation of an acquisition attempt by Vodafone Group, describing the rumours as more bluff than reality during an interview with Spanish business newspaper Expansion.

Spenger emphasised the operator was not in discussions with Vodafone, adding a bid from the UK-based group would be “not only unlikely, but incompatible with compliance rules of a multinational”.

Rumours Vodafone was planning a shock swoop on Masmovil appeared in media during an ongoing takeover of the Spanish challenger operator by consortium Lorca Telecom Bidco, and a week after the original offer received the backing of 86 per cent of shareholders.

The buyout by Lorca Telecom Bidco had attracted criticism from some shareholders, which slammed the amount being paid and questioned some of the corporate actions that led to the Masmovil board backing the offer.

One of the detractors, Polygon Global Partners, is still fighting and last week launched a legal appeal against the deal’s clearance.

Spenger told Expansion it “cannot be” that Vodafone turned down the opportunity for a counter bid before the takeover of Masmovil was formally put to shareholders, and then would be willing to buy for a much higher price two weeks later.

Despite Masmovil being bought out by an investment consortium rather than a rival operator, the executive noted consolidation in the Spanish telecommunications market was a necessity going forward and would be beneficial for the country.