In a report by Reuters, investors of AT&T Inc had been skeptical about the company's planned strategic buyouts in Europe. AT&T Chief Executive Randall Stephenson was heard about how Europe would be a big opportunity for the US telecom company. Steohenson said European networks required some much needed upgrade on wireless services to the ones that the US already had enjoyed.

Bankers in the telecom industry had posited that the US wireless operator plans to acquire a pan-European carrier. The bankers also though that Vodafone Group Plc, Spain's Telefonica and Britain's largest mobile operator EE would be in the list of possible companies that AT&T might consider buying.

Barrow, Hanley, Mewhinney & Strauss analyst Mike Wetherington said, "Generally speaking I'm not comfortable at all with them doing anything in Europe. We have stayed away from a fair amount of the European telecom names because of a discomfort with, among other things, regulation and competition."

Barrow, Hanley, Mewhinney & Strauss owns 31.92 million of AT&T shares, which made it the 14th biggest shareholder of the telecom company, according to data by Reuters.

When asked for comment, AT&T declined to provide one.