Telefónica to quit alliance to clear O2 deal

[Miles]

The Spanish mobile phone operator Telefónica looks likely to quit Europe's largest mobile phone alliance in order to secure regulatory clearance for its £17.7bn acquisition of its British rival O2 in the new year.
The European commission has extended its inquiry into Telefónica's all-cash offer to January 10. It refused to give reasons, saying only that it extended inquiries if the firms involved submitted remedies to allay competition concerns or if a national competition authority asked the commission to rule on the acquisition.

read more (http://business.guardian.co.uk/story/0,16781,1675680,00.html)

[seaniboy]

telefonica will no doubt rebrand as o2 in the future...makes commercial sense hen they get round the alliance issue, it will be as o2 now is 1 of the founding alliance members