Telefonica wins support for O2 takeover

SPANISH telecom giant Telefonica yesterday said that a majority of shareholders in mobile phone firm O2 had accepted its €25.7 billion takeover offer.

Telefonica said that O2 investors owning 62.72% of shares had indicated their support for its bid by midday yesterday and that 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.