AT&T should beware a value trap across the Atlantic. Some top brass at the U.S. telecom giant see a “unique opening” to buy a sizable European counterpart, the Wall Street Journal reported. With valuations at their current low and debt finance dirt cheap, running numbers makes sense. But cross-border tie-ups offer limited cost savings. Besides, European operators are cheap only because markets are tough. The Dallas predator would need to spot some serious hidden value for such a deal to make sense.