DT abandons bid for O2

Deutsche Telekom (DT) has dropped a bid to acquire UK rival wireless carrier O2. DT confirmed months of merger rumors, saying that it had engaged in talks about an offer that was estimated to be worth as much as €20.5 billion. Under the now defunct proposal, Deutsche Telekom would have taken over the bulk of O2's business while KPN would have acquired O2's German operations in order to avoid any issues with competition. O2 is seen by many analysts and insiders as a prime acquisition target.

For more on DT's dropped bid for O2:
- read this article from Ireland On-Line