Telefonica takes O2 off the auction block, for now
Spain´s Telefonica decided to take its UK subsidiary O2 off the auction block, following Brussel´s decision to block its sale to rival Hutchinson Whampoa, until the storm in markets abated.
DJ EURO STOXX 50
4,939.01
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IBEX 35
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Telefonica
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On 11 May 2016, the European Commission said it would not allow the transaction to proceed due to anti-trust concerns.
As a result, and starting with the next set of half-year figures from the telecommunications outfit, O2 would cease to be classified as 'discontinued operations', the Madrid-based group said in a statement.
Nevertheless, Telefonica also said it would continue to study different strategic alternatives for its British unit, with an aim to implementing them once market conditions were more oportune.
As of 15:39 BST shares in Telefonica were rising by 6.49% to €8.34.