SPANISH telecoms group Telefonica said that a majority of shareholders in UK mobile phone firm O2 had accepted its £17.7bn takeover offer.
Telefonica said that O2 investors owning 62.72 per cent of shares has indicated their support for its bid by midday yesterday and it was extending the closing date for acceptances by eight days to January 20.
An investigation by the European Commission into the legality of the merger was ongoing, but Telefonica said it expected the offer to go wholly unconditional later this month. The deal will mark the biggest takeover of a UK firm since France Telecom shelled out £31bn for Orange in 2000.
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