O2 denies DT takeover reports

4 Jul 2005

UK cellco O2 has denied media reports that it is the subject of a takeover bid by German powerhouse Deutsche Telekom, the parent of rival mobile group T-Mobile. Reports appeared over the weekend that Telekom and a group of private equity investors were amongst a number of parties interested in bidding for the mobile group, formerly part of fixed line incumbent BT. O2 shares were propelled to a record high on the back of the stories, but the operator has dismissed all talk of a sale.

United Kingdom, Deutsche Telekom (DT), O2 UK