The choice of buyer has strengthened speculation that Mr Middelhoff and Juan Villalonga, Telefonica's boss, plan to forge an ever-tighter German-Spanish axis.

ECONOMIST: Bertelsmann

The Spanish government blocked a previous plan for Telefonica to merger with the Netherlands' KPN, prompting the resignation of chairman Juan Villalonga.

BBC: BT 'considers Telefonica merger'

Hispania unveiled a new financial backer in the shape of Spanish businessman Juan Villalonga, who will work with team owner Jose Ramon Carabante to stabilise the team and attract new sponsors.

BBC: Russian supercar firm Marussia takes over Virgin Racing