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| BT and Telefonica in 'preliminary' talks over O2 sale | BT and Telefonica in 'preliminary' talks over O2 sale |
| (about 1 hour later) | |
| Telecoms giant BT is in talks with Telefonica about buying the O2 mobile network from the Spanish firm. | Telecoms giant BT is in talks with Telefonica about buying the O2 mobile network from the Spanish firm. |
| "All discussions are at a highly preliminary stage and there can be no certainty that any transaction will occur," said BT. | "All discussions are at a highly preliminary stage and there can be no certainty that any transaction will occur," said BT. |
| In 2002, BT spun off O2, then called BT Cellnet. In 2005 it was acquired by Spain's Telefonica for £17.7bn. | In 2002, BT spun off O2, then called BT Cellnet. In 2005 it was acquired by Spain's Telefonica for £17.7bn. |
| BT said it had also been approached by another network about buying its UK arm. | BT said it had also been approached by another network about buying its UK arm. |
| Unconfirmed reports have said these secondary discussions are with UK mobile operator EE. | |
| In late morning UK trade, BT's shares were up by 10.60p, or 2.79%, at 390.60 pence. | In late morning UK trade, BT's shares were up by 10.60p, or 2.79%, at 390.60 pence. |
| In a statement to the Spanish stock market, Telefonica, said: "Telefonica informs that, although it is in talks with British Telecom, these talks are in a highly preliminary phase and there is no certainty that a transaction will take place," | In a statement to the Spanish stock market, Telefonica, said: "Telefonica informs that, although it is in talks with British Telecom, these talks are in a highly preliminary phase and there is no certainty that a transaction will take place," |
| Last year, Telefonica sold a number of assets in order to reduce debt and improve its credit ratings. | Last year, Telefonica sold a number of assets in order to reduce debt and improve its credit ratings. |