Telefonica bids $32B for O2

Telefonica has made a bid to acquire UK operator O2 for about $31.6 billion in cash. Some analysts believe the deal could spark a bidding war with other rivals like Germany's Deutsche Telekom. O2 operates in the UK, Ireland and Germany, while Telefonica operates in Spain and Latin America. Telefonica said it plans to retain the O2 board and the company's branding. Article

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