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Spanish giant making 26bn overture for O2.
(From Irish Independent)
Telefonica gets board backing for entry to Irish and UK markets
SPANISH telecoms giant Telefonica yesterday launched a bid to buy mobile group O2 for stgGBP17.7bn (26bn).
It immediately received the backing of the O2 board which said it will put the bid to its shareholders within 90 says.
Assuming the bid receives their backing, it could be done and dusted by early January, the deadline set by Telefonica yesterday.
Speaking yesterday, the boss of O2 in Ireland Danuta Gray said the bid had a very good chance of succeeding.
She said that there is very little overlap between Telefonica and O2, meaning there would be no regulatory issues affecting the takeover.
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