EU blocks £10billion O2 takeover

 

 

 

 

The proposed £10billion takeover of O2 by CK Hutchison, owners of mobile operator Three, was blocked by the EU on Wednesday.

The European Commission, the branch of the EU responsible for proposing legislation and upholding treaties, stated the deal would reduce competition and raise prices for consumers.

The competition commissioner, Ms Margrethe Vestager, said: “Allowing Hutchison to take over O2 at the terms they proposed would have been bad for UK consumers and bad for the UK mobile sector.”

Hutchison responded saying the merger would have unlocked £10billion of private investment in the UK, while O2 said the decision would not affect their operations.

TNT Business

 

Photo credit: DLDconference

 

 

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