Senior executives of Auna, the Spanish telecommunications group that is the subject of a mooted ?11bn ($12.9bn) private equity bid, would receive payments worth two years' salary if the company changed hands, Expansi?n, the Financial Times' Spanish sister paper, has learned.

The payments, which could be worth millions in euros, would be made whether executives stayed with the company or left. The loyalty plan covers about 50 senior executives at Auna and its subsidiaries Amena, its mobile arm, and Auna Telecomunicaciones, its fixed line division. It is unclear whether the plan would affect the sale to a consortium including Apax Partners and CVC Capital, of the UK, and the US groups, Blackstone, Carlyle and Providence.