The prospect of a bidding war for telecoms giant O2 receded today after the owner of T-Mobile ruled out joining the race.

SHARES in O2 surged 25% yesterday after Spanish telecoms giant Telefonica swooped to take over the mobile operator for €26 billion.

Mobile phone group O2 looked set for Spanish ownership today after Telefonica struck a deal worth £17.7bn (€26.1bn).

Mobile phone group O2 today said UK revenues were growing at a faster rate than previously thought after it signed up 15 million customers for the first time.

Telecoms giant Cable & Wireless led the FTSE 100 Index to a negative close today as investors failed to warm to its takeover of Energis.

Telecoms stocks weighed on the London market today as new developments in two takeover tales failed to inspire investors.

The owner of T-Mobile today said it had no current plans to bid for UK rival O2 after failing to seal a takeover alliance.

The FTSE 100 Index made a lacklustre start to the week today despite takeover talk boosting the telecoms sector.

Telecoms stocks were the talk of the market today as the FTSE 100 Index made a positive start to the week.

Telecoms group BT unsettled investors today after a “milestone” $1bn (€771m) deal rekindled memories of its last disastrous foray in the US.

Telecoms group BT was today being linked to a surprise return to the US market after a report said it was about to make a $1bn (€771m) acquisition.

Companies in the telecoms and energy sectors will be among UK market heavyweights updating investors on their progress this week.

Dutch telecoms group KPN has reported substantial profits after a year of heavy cost-cutting.

The former wireless unit of British Telecommunications and major European mobile phone company, mmO2, has said it expects its annual core earnings to meet market forecasts of £1.34 bn (€2.00bn).

SHAREHOLDERS in Belgacom, Belgium's main fixed-line telecom company, will sell up to €3.91 billion in stock in Europe's biggest initial public offering in three years, the Brussels-based company said yesterday.

Leading shares reached their highest level in 19 months today as merger and takeover speculation gripped the London market.

Dutch telecoms group KPN has not ruled out a hostile bid for mobile phone group MmO2 after the latest round of takeover talks ended, reports The Irish Times today.

Dutch telecom provider KPN has reported first quarter profit after a loss in the same period a year ago.

Belfast software company AePONA has secured €11.5m funding in an investment co-led by Trinity Venture Capital and Amadeus Capital Partners. Invest NI also participated in the funding.

Software company Prime Carrier has secured a contract with KPN Royal Dutch Telecom to provide its flagship product MOST V™ to enable them to operate their International Wholesale Voice business more profitably.

Share prices were higher in relatively quiet midday trade still on relief Iraq accepted the UN resolution on weapons inspections, dealers said.

Japanese mobile operator NTT DoCoMo has announced that it is to write off a significant proportion of its foreign 3G assets following losses incurred on them.

Swedish telecommunications operator, Telia may bid for the remains of the bankrupt KPNQwest's network, following a rejection of the bid by parent company KPN for a fraction of what the network was worth.

Eircom's board of directors have given their backing to Anthony O'Reilly's bid to take over the company.

The Denis O'Brien-led bid to take over Eircom's fixed-line business has called on the company's independent directors not to recommend to shareholders the latest Valentia buy-out offer.

The Eircom board has agreed to be recommend the £2bn e-Island bid to its shareholders.

The directors of Eircom are believed to have accepted Denis O’Brien’s latest takeover bid for the company, which is understood to be worth £2.4bn.