BT Group plc Confirms Preliminary Talks To Acquire Telefonica SA's UK Ops

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BT Group plc
BT
confirmed Monday it's in preliminary talks about acquiring Telefonica S.A.
TEF
operations in the U.K. BT's American depositary receipts gained more than 4 percent recently to $61.93 a share; Telefonica's ADRs were up more than 1 percent to $15.64. BT also said Monday it's considering acquiring the U.K mobile business of another company it didn't identify. "All discussions are at a highly preliminary stage and there can be no certainty that any transaction will occur," BT said. http://www.btplc.com/News/Articles/ShowArticle.cfm?ArticleID=6CB3F5F7-A6D9-4607-85D3-4DB7176E3E4A BT added that it "continues to develop our own plans" to improve mobile services and has been "exploring ways of accelerating them," including the possible acquisition of a mobile network operator in the U.K. Telefonica U.K. Ltd, known as O2, was spun off from BT in 2002 and acquired three years later by Telefonica for about $28 billion.
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