Grupo Auna, Spain's third largest telecoms group, would reject an ?11bn ($14.5bn) takeover bid if the offer included the group's ?4.5bn debt, Luis Alberto Salazar-Simpson, Auna's chairman, said on Thursday.

A consortium of five global buy-out groups, including Blackstone, Carlyle and Providence of the US and Apax Partners and CVC Capital of theUK, are understood to be studying an ?11bn bid for Auna.