O2 boss expected to pocket millions

THE boss of telecoms giant O2 will receive more than €12 million after his firm is bought by Spain's Telefonica, it was reported yesterday.

Chief executive Peter Erskine is expected to land the windfall as a result of selling shares during the landmark €26 billion takeover and vesting his share options.

According to the Sunday Telegraph, the exact amount will be revealed when takeover documents are published this week. O2 is set to become part of Telefonica in the new year after the Spanish firm agreed a takeover deal with its board last month.