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Reuters: Hutchison to meet with EC, rivals on O2 takeover

  • Hutchison (OTCPK:HUWHY) is headed to a closed-door meeting with EU regulators to address objections to its £10.3B deal to buy out rival telecom O2 (TEF +4.3%), Reuters reports.
  • The company will meet with the European Commission on March 7, along with rivals Sky (OTCPK:SKYAY +2.4%), Virgin Media (LBTYA +2.8%), TalkTalk (OTCPK:TKTCY), Vodafone (VOD +3.1%) and BT Group (BT +3.4%). Iliad (OTCPK:ILIAY +2.5%), the small provider owned by French billionaire Xavier Niel, could also take part.
  • The long-in-the-works deal has generated plenty of heat, as the combination of Hutchison's Three UK (the country's No. 4 wireless provider) with Telefonica's O2 (the No. 2 provider) would create the country's largest, reducing the market to three major competitors.
  • When the EC opened a full probe into the deal in October, the move suggested that heavy concessions were likely on the way to make the deal happen -- and they may include creating a smaller competitor. (TalkTalk has said it would love to help.)
  • The UK tried to take over the probe, but the EC rejected that request and kept control of the deal investigation in early December.
  • After hours: TEF -4.2%; LBTYA, VOD, BT flat.
  • Previously: Europe rejects UK's effort to examine Three's O2 buyout (Dec. 04 2015)
  • Previously: Europe opens full probe into Telefonica-Hutchison UK mobile merger (Oct. 30 2015)

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