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Financials

Spain's industry ministry authorises offer for MasMovil shares

MADRID, July 8 (Reuters) - Spain’s industry ministry has approved a 3 billion euro ($3.38 billion) bid by three private equity funds for mobile telephone operator MasMovil, it said.

A consortium of buyout funds KKR, Cinven and Providence made the bid last month.

Minority holders, such as Polygon Global Partners and AllianceBernstein, have criticised the conditions offered.

Shares of MasMovil have consistently traded above the 22.50 euros offered by the three funds since they made the bid public.

$1 = 0.8872 euros Reporting by Tomas Cobos and Inti Landauro; editing by Jason Neely

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