3 Mobile is in talks to buy O2

Hutchison Whampoa, which operates Irish mobile network 3, is in advanced talks to buy O2, four people with knowledge of the negotiations said.

An agreement may be struck before rival bidders are even due to pitch offers on July 5, according to three of the people, who asked not to be named as the talks are private.

Telefonica, which owns O2, is eager to secure an accord before it publishes interim results at the end of next month, the people said.