Updates stock information

OVERLAND PARK, Kan. (

TheStreet

) -

Sprint Nextel

(S) - Get Report

shares soared in premarket trading Monday on a report over the weekend that

Deutsche Telekom

(DT) - Get Report

may bid for the company.

Deutsche Telekom, the owner of mobile phone company

T-Mobile

, is mulling a multi-billion bid for Sprint and has contacted banking advisers to help study the deal, London's

Sunday Telegraph

reports.

Sources told the newspaper that Deutsche Telekom could submit a bid for Sprint, which has a market valuation of $10.6 billion, within the next few weeks.

In Monday morning trading, Sprint shares were up 10.3% to $4.16.

Earnings Will Justify Tech Rally

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Deutsche Telekom and Sprint refused to comment on the report.

If Deutsche Telekom does bid for Sprint it would come on the heels of the company's announcement last week it was in exclusive negotiations to combine its T-Mobile U.K. division with

France Telecom's

(FTE)

Orange U.K. in a 50-50 joint venture.

The

Telegraph

suggests in its report that Deutsche Telekom could now be turning its attention to reversing the fortunes of its struggling T-Mobile operation in the U.S.

-- Reported by Joseph Woelfel in New York

.

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