Spanish giant eyes O2

Mobile phone operator O2 is set to fall to Spain's Telefonica after Germany's Deutsche Telekom refused to enter a bidding war. Telefonica made a recommended offer of 200p a share for O2 on Monday, and the shares rose to 209p as speculation mounted that Deutsche Telekom would make a counter-bid. But the German giant said on Wednesday that it wouldn't, and O2's shares slipped back to 198p.

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